The crypto winter has been less severe for the jobs market than in previous cycles, and the industry is already showing signs of recovery according to Raman Shalupau, the founder of CryptoJobsList.
Be[In]Crypto spoke with Shalupau to find out exactly why the market appears more robust than before, and why bearish cycles offer fresh opportunities for both employers and jobseekers.
A more sustainable market
The crypto jobs market has weathered the latest crypto winter with far greater success than in previous bearish cycles. While the likes of Coinbase, Crypto.com, and Robinhood cut their labor forces, others such as Binance and Kraken have continued and even accelerated their hiring.
Shalupau believes the overall picture points to a far more sustainable and robust market than before.
“I think the main difference in this market cycle is that there is more money to begin with,” explained the CryptoJobsList founder. “Plus there’s more institutional money, and more of the fundraisers for startups happened in stablecoins. That means the treasuries of these organizations are much healthier, and they’re able to keep hiring in a downturn.”
In 2018, following the boom and bust of crowdfunding in the form of the initial coin offering (ICO), the cryptosphere entered a far deeper and more sustained winter period. Shalupau sees little evidence the cycle will be anywhere near as severe this time around.
He credits this to a more diversified crypto industry with more definable sectors including non-fungible tokens (NFTs), decentralized finance (DeFi) and the growth of on-chain analytics firms. Moreover, the types of roles that organizations are hiring for have also diversified.
“I think in the previous market cycle, everyone was just looking for a CTO [Chief Technology Officer] to launch an ICO project. These days, there’s just more mature organizations with a strong grasp of business, so the roles are more diverse as well as more specific and defined,” Shalupau said.
April was tough
The crypto market may be far hardier than before, but that doesn’t mean that it is immune to shocks.
“I would say that around April this year is when we had probably the biggest amount of decline in terms of hiring freezes,” said Shalupau.
According to the jobs chief the market remains around 20% down from its peak, but with the metrics gradually climbing on a number of fronts “we’ve probably already seen the worst” of the cycle.
An opportune time for jobs
Shalupau finally offered some thoughts on why bear markets offer good opportunities for employers and prospective employees both.
“A bear market is one of the best times to hire and to get hired, primarily because of the signal-to-noise ratio on both ends. There are fewer one day companies that are, you know, just get a launch and then disappear,” he said, before adding, “The companies that are hiring during this period are the ones that are probably going to stay for a long time, and the same thing goes for talent. If someone is looking for an opportunity in this market, it’s a strong signal that they are actually committed to the industry and are serious about it.”
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