Tech Jobs Cut by Thousands. Is Crypto Next?
Last week we saw Facebook’s Meta cut 13% of its workforce, the result of “faltering revenue and broader tech industry woes,” as reported by Barbara Ortutay of techxplore.com. Unlike much of the tech industry, employees have found their crypto industry jobs more secure. Bessie Liu from Blockworks.com discusses a CoinGecko report that states, “crypto layoffs make up only 4% of tech layoffs between Jan. 1 and Nov. 13.”
Unfortunately, with the not-so-quiet demise of FTX, all of this could be changing. Liu continues:
Following the FTX implosion earlier this month, it is likely that the cryptocurrency space will see more layoffs in the coming weeks and months — besides the obvious cuts and resignations at FTX itself.
Large industry players are already being affected, with the potential to spillover into job losses.
Cryptoasset manager Multicoin Capital has lost more than 55% of its funds, Genesis put a halt to customer redemptions and new loan originations, and other funds with direct exposure to FTX are still surfacing.
Cryptocurrency asset management firm Ikigai revealed that the majority of the company’s funds had been on FTX, and when it tried to withdraw money, it could retrieve very little.
Internationally, one of the largest Japanese exchanges — Liquid Global — revealed that it would be halting withdrawals.
At Silvermint, we expect some ups and downs in the tech job market but are doing our share to offer excellent jobs in our industry. We hire extremely high-quality engineers that are talented, capable, and hard-working.