Crypto recruiters see opportunity to hire talent amid big tech layoffs TechCrunch


A number of large In recent months, cryptocurrency companies have been laying off employees to save their business. But while the big players are pouring back into the talent pool, startups have a chance to give it back.

Recruiters and talent managers shared their thoughts with TechCrunch on what this means and how talent should navigate today’s recruiting environment.

“Hiring in a bear market is unique because those looking to join the space during a downturn have a passion for the industry, understand it and believe in the long term,” said Zach Skelly, head of talent at a crypto-focused investment firm. Dragonfly, said TechCrunch. “They’re there for the right reasons, rather than just looking to find another job or hoping to profit financially from the hype cycle.”

Crypto startup Gemini, which merged with bankrupt Genesis, is reportedly laying off 10% of its staff on Monday, according to insider reports. This is not the first layoff at Gemini. In July, the company made a second round of layoffs due to “turbulent market conditions,” seven weeks after cutting 10% of its workforce, TechCrunch reported.

Gemini is one of many major crypto firms to be shorted. Coinbase and both cut 20% of their jobs earlier this month as the companies struggled to weather the crypto market slump.

While the layoffs are happening at major cryptocurrency companies, it’s just one segment of a broader reshuffle of the tech workforce: Salesforce, Amazon, Meta, Alphabet, and Microsoft have all made layoffs in recent weeks. .

“More broadly, this means access to an even wider pool of proven and capable talent,” Alchemy recruiter Gus Brewer told TechCrunch. “Many companies facing layoffs are known for their very high hiring standards, which should be taken into account when evaluating new talent.”

Some crypto projects and startups are revising their hiring plans to take advantage of this influx of talent, Skelly said. “However, while more candidates make hiring easier, I’ve heard some founders say it’s harder to find the right fit for the mission. There are qualified resumes listed – yes – but there’s a lot to sift through when it comes to intangibles.

But it’s important to note that not all crypto industries are hiring aggressively. “There are very few opportunities in sales right now,” Dan Eskow, founder of talent agency Web3 Up Top, told TechCrunch. “There doesn’t seem to be any action. Be it developers, marketers, researchers, there is not much to do.

Eskow is focused on helping talents find work in projects or startups. “You don’t see a lot of layoffs [for startups] because most people expect it to be mandatory. [ … ] The DeFi space has a much higher job situation,” he noted.

It’s a slow time, Tyler Finerman, head of talent and people at Wachsman, told TechCrunch.

“January is typically a slow time of year for hiring, but macroeconomic factors have made things worse,” Feinerman noted. “February to April is usually the hottest time for the job market, so things may be a little slower than usual, but I think we’ll see some green shoots on the horizon. “

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