Know the hiring and firing Crypto and DeFi Companies

Asia’s cryptocurrency and decentralized finance industry has been undergoing significant transformation in Hong Kong’s emerging crypto and retail trading market. Who is hiring and who is firing in this environment? Learn everything about Crypto & DeFi hiring and firing companies in this comprehensive article.

Firing Firms in the Crypto & DeFi Industry

With the present macroeconomic situation, Crypto.com and Gemini have begun eliminating employees, reducing their workforce by up to 18% in an effort to remain profitable in the bear market – a trend that might persist for the foreseeable future. The majority of these targeted job cuts appear to be non-corporate support services that do not directly impact profitability, but if market conditions remain unsettled, this retrenchment threat might grow.

There have been a number of significant retrenchment events in Singapore in the last 12 months, especially in the tech industry. 

• The US-based cryptocurrency exchange Coinbase has retrenched 1,100 employees since June 2022 after experiencing an unpredictable crypto market that caused a $2 trillion loss in value. 
• Non-tech job openings have also slowed on their website, with only one job opening for a legal and compliance position in Singapore, Indonesia, and the Philippines as of November 2, 2022. 
• Despite joining the Blockchain Association of Singapore, Crypto.com has been cutting its workforce by 5% in order to maintain profitability in the face of tightening regulation. Fintech and non-tech jobs have been available in Singapore and Hong Kong as of November 2022, but there has been no increase in hiring.

It’s true that retrenchment exercises from these firms have received more attention than most. It is also possible that the crypto winter has impacted more firms than we realise. Regardless, it might be prudent to remain cautiously optimistic.

Hiring Firms in the Crypto & DeFi Industry

In addition to the bear markets being an opportunity for firms to grow, they also provide opportunities in Asia. In the past two years, China, Vietnam, and Thailand became hotspots for cryptocurrency buying and selling, drawing demand from high net-worth individuals, distributors, and the general public. This has led to similar developments in the recruitment and talent in crypto and DeFi in Asia. Despite the recent regulatory crackdown on crypto in Singapore, the island remains a hotspot for blockchain expertise and a launchpad for associated technologies for the region. A potential $1 trillion worth of investment in DeFI over the next five years is expected thanks to traditional financial institutions.

Notable crypto and DeFi hiring opportunities include: 

• Cake DeFi, which provides DeFi solutions, has expanded its userbase to 190 countries, and the team is following suit. Among their recent hiring activities are those for a variety of jobs in engineering, design, product management and marketing, including Asia-based tech jobs such as App, DevOps, and Blockchain engineers. 
• Binance, one of the largest blockchain companies in the DeFi sphere, has made an aggressive effort to hire and expand its business in over 40 countries. Non-technical and executive job openings are actively seeking candidates among the Binance workforce.

This is by no means an exhaustive list – there are many other Crypto and DeFi startups that require expertise and talent to continue growing their operations.

How Datasearch Consulting Can Help

Searching for work or even generating leads can be difficult in a saturated market where DeFi and crypto startups are born and die every day. Even before you land your first interview, the traditional HR screening process can be tedious. You may discover that a company’s culture and job scope are completely different from your expectations as soon as you arrive. At Datasearch Consulting, we not only match your tech job experience and expertise with companies that value them, but also provide value for you throughout your job search. We provide not only employment advice – such as which firms to work for and salary ranges – but also understand your objectives, ambitions, and how to assist you in realizing those aspirations. From what to do when you lose your job offer to having your abilities evaluated, we can help you achieve your goals with guidance from our expert consultants.

From what to do when you have a job offer rescinded to wanting your skills evaluated, our consultants can help you achieve your goals through guidance, networking and expertise.

Concluding Thoughts

A macroeconomically volatile market, coupled with increasing regulatory scrutiny has caused ripples for operations and hiring for crypto and DeFi firms. However, opportunities still exist for the taking for jobseekers in this industry as long as you know where to look.