The crypto collapse has given some job seekers the jitters, but recruiters are keeping the faith

Layoffs at major crypto firms have captured headlines in recent weeks. Big names such as Coinbase, Gemini and BlockFi have combined to cut thousands of jobs and have scrapped previous plans to grow their workforces. 

But the crypto job market is not all doom and gloom.

Though the pace of hiring has slowed since before the crypto market collapsed, there are still thousands of open crypto jobs. And according to crypto job recruiters The Block spoke with for this article, there remain plenty of opportunities — particularly for applicants with technical chops and a belief in the long-term potential of the field. 

The Coinbase effect

The crypto market began to turn in early May, and the crash accelerated when the popular stablecoin TerraUSD collapsed. Many headhunters and recruiters working for crypto companies eventually decided to suspend recruiting indefinitely. 

Then, in early June, Coinbase sent shockwaves across the industry with its decision to cut approximately 1,100 employees. That was the final nail in the coffin for a period of several months during which crypto companies had been hiring at a breakneck pace.

“It is much, much quieter for us as recruiters these days,” says Michael Shlayen, the CEO of Blockchain Headhunter, an “executive search and recruitment boutique” focused on crypto, blockchain and web3. “The market is not what it used to be. A lot of companies are cautious,” he adds.

It’s not just that hiring has slowed. Prospective employees have also become much more cautious, says UK-based recruiter Ella Hysom, who works as cyber security and blockchain recruitment consultant at Amberes Recruitment. 

Before the Coinbase layoffs, Hysom says, people would get excited immediately when talking about crypto and blockchain.

“Now, when I send out messages or talk to people, I’m like, ‘No, no, listen to me, I promise this company is different because [it’s] doing it in a safer way,’” says Hysom. “The candidates are scared to get into the [crypto] world now because they … don’t want the same thing to happen to them.” 

Emily Landon, CEO of The Crypto Recruiters, a “woman-owned crypto recruiting firm,” says that since the downturn and the Coinbase layoffs more candidates have asked critical questions about the market and the companies that are hiring: How they are funded? How long will the funding continue to support operation? 

Glass half full

Despite these changes, the crypto industry is still adding lots of jobs. Part of the reason is that many crypto companies are still benefitting from large venture capital investments that have poured in during the past year.

Last month, as the market was in turmoil, several big names announced that they were opening thousands of new crypto jobs.

Most prominently, Binance said it would seek to fill 2,000 roles ranging "from engineers, product, marketing to business development." Kraken said in a blog post that it would have "over 500 roles to fill during the remainder of the year." Stablecoin Circle announced that it "has plans to continue to hire strategically over the next 18 months." Other big names with many open positions include Polygon, Ripple, Nexo and Solana.

Small and mid-size blockchain firms are also looking to expand their workforces, according to Landon. Software engineer is the most popular role that companies are seeking, according to the recruiters.

Roles pertaining to security operations are also among the most sought by firms, Hysom says. She adds that companies are now “trying to be more sustainable," and that “it’s not so much about quick growth and getting to the top … as quickly as possible.”

Firms are looking for applicants with the same kind of long-term thinking. If a candidate is mainly concerned about crypto's volatility, that might be a sign they are not really comfortable with or passionate about the field. 

“One of my favorite questions to ask is, ‘What if bitcoin dropped to $3,000? Would you still want to stay in the space?’” says Landon. “And those that say ‘No’, I know it’s not a long-term fit, because if things get challenging, they’re going to dip.”

“People that are truly dedicated to crypto know that the crypto winter isn’t forever,” Landon adds.

Ariel Freitas Leite fits that bill. Leite, who is working his last month as a product manager in a Brazilian tech startup, has been looking for a job in crypto for months. He is seeking a role as a product manager role in a crypto firm.

His interest in crypto two years ago when he took some online courses about the technology. He says he believes in crypto’s potential to solve certain problems with traditional currency systems. 

“Crypto is probably one of the industries that is best positioned to grow in this recession,” the 27-year-old says. “I’m trying to get in right in the middle of the second or third – I don’t know – crypto winter. I wasn’t shaken by that.”