Despite recent cases of hiring freezes and staff layoffs, the crypto job market continues to thrive across big tech companies.
Several major tech businesses have announced job reductions in recent weeks, citing a slowing traditional market and dwindling demand for products that soared during the pandemic. Twitter, Uber, Amazon, and Robinhood have all recently announced layoffs.
Tech cutbacks’ impact on the crypto job market
The cryptocurrency trade has not been entirely spared. After failing to fulfill revenue targets earlier this month, Facebook parent company Meta implemented a hiring freeze for most of its mid and senior-level jobs.
slowing down hiring after reporting a $430 million loss in the first quarter. Coinbase’s chief operating officer, Emelie Choi, told staff in an internal memo that it plans to triple personnel in 2022. However, she put it on hold due to market conditions requiring the company to “slow hiring and reassess our headcount needs against our highest-priority business goals.”
On Tuesday, movie streaming giant Netflix laid off 150 workers. Most of them worked in the US HQ, as revenue growth slowed. The layoffs were a consequence of a massive subscriber exodus.
Surge in crypto job postings
Meanwhile, according to a Linkedin study published in January, crypto-related job postings in the U.S. increased by 395% from 2020 to 2021, compared to only a 98% increase in the tech industry during the same period. The most popular job titles included Blockchain developers and engineers.
The average yearly blockchain developer pay, according to Glassdoor, is US$109,766. The average annual compensation for a blockchain engineer in the U.S. is US$105,180.