Crypto Hiring Returns After a Year of Firing

Always wanted a job in crypto? Lost your job in crypto but hungry to return to the rabbit hole? Now could be your time. The industry's tumultuous year has ended on a high, with Bitcoin smoothly clearing its elusive $40K mark. As the bull market charges ahead, Web3 firms are capitalising on its momentum, ramping up their hiring rate... For the most part.

Crypto Purge 2023

With FTX imploding at the end of 2022, shockwaves were felt throughout the crypto industry. Consequently, 2023 began in the doldrums. Data compiled by Coindesk indicates that more than 28,000 crypto jobs were lost as of 10 January 2023.

Crypto Companies Hit With Fresh Wave of Layoffs

Consensys is looking to reduce its labour force by roughly 100 staff members, while US-based exchange Coinbase announced that it will be reducing its headcount by 20%.

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Crypto giants Consensys, Coinbase, Crypto.com, Huobi, Matrixport and Filecoin all reported significant job cuts in 2023 Q1.

As the year went on, the job situation worsened. Finding no inspiration from a weak crypto market, Web2 companies began abandoning their Web3 experiences.