Layoffs continue to spread across the crypto job market amid macroeconomic volatility and bearish market sentiments, but there are still plenty of startups looking to hire fresh talent.
Crypto firms like Coinbase and Crypto.com have cut employees in recent weeks, which has increased the talent pool and been “instrumental” for startups looking to build talent war chests, Jeff Feng, co-founder of layer-1 blockchain Sei, said to TechCrunch.
The layoffs aren’t specific to crypto; Big Tech has also seen a number of cuts in recent months. But layoffs within crypto and adjacent industries present an opportunity for startups to bring in experienced talent across the sector, Nate Holiday, co-founder, president and CEO at Space and Time, shared with TechCrunch.
The pace of hiring slowed after the summer of 2022 and continued for the remainder of the year, Aleksi Loytynoja, co-founder and CEO of “proof-of-talent” hiring platform Kleoverse, said to TechCrunch. “The final weeks of 2022, after the FTX collapse, were very quiet. Now, after the New Year, it seems that there’s more hiring happening again.”
Yes, most companies are looking to conserve their burn rate and extend their runway as much as possible, but many are still hiring for “highly intentional and critical roles,” Nabin Banskota, co-founder of Niural.com, said to TechCrunch. “Layoffs are increasing the talent pool for startups to find really great talent with overall less competition.”
While recruiters and talent heads alike shared their advice on how to navigate the current hiring environment, we also spoke with a handful of founders about what they’re looking for in applicants.
The first piece of advice? “Be obsessed with web3,” Holiday said. “If you don’t eat, sleep and breathe web3, this is probably not the industry for you.”