Crypto Firms Resume Hiring After Mass Layoffs

The largest cryptocurrency exchanges have halted the layoffs initiated in 2023. Trading platforms have posted hundreds of job openings in the digital assets industry.

Crypto.com CEO Kris Marszalek told Bloomberg that since November 2023, the company has hired 700 people. According to him, the exchange plans to hire another 500 new employees in customer service and 200 in corporate positions.

In June 2022, Marszalek announced the reduction of 260 employees, or 5% of Crypto.com’s staff. By the end of summer, the number of layoffs reportedly increased eightfold. In October, the platform cut its team by approximately 40%, leaving over 2,000 employees jobless, according to media reports. In January 2023, the company announced a 20% staff reduction.

The trend of mass layoffs in crypto companies began in 2022 amid unfavorable market conditions. According to journalist Colin Wu, by early December, the layoffs affected over 10,000 people. CoinGecko reported that in January 2023, 2,806 specialists lost their jobs.

Layoffs also affected major tech corporations: Microsoft, Meta, Amazon, and others, which dismissed tens of thousands of employees.

According to Bloomberg, today the largest cryptocurrency exchanges Binance, Coinbase, Kraken, and Gemini have resumed their search for employees. The agency does not provide the exact number of hires. According to Cointelegraph, Binance has 347 openings, Coinbase 215, Kraken 81, and Gemini 80.

According to Layoffs, in March 2024, 7,322 people lost their jobs in 36 tech companies. A year ago, the figure was five times higher—37,963 specialists in 127 firms.

In April 2024, a study by Adecco Group revealed that artificial intelligence will lead to reduced hiring in the next five years.

In February, Polygon Labs CEO Marc Boiron announced the layoff of 60 employees (19% of the team). In January, media reported significant layoffs at Block, a company owned by Twitter founder Jack Dorsey. Allegedly, over 1,000 employees lost their jobs.