Blockchain engineers are in demand even during layoffs

• Major crypto companies such as Coinbase and Gemini have been hit by the economic downturn.
• But even amid high-profile layoffs and bankruptcies, demand for blockchain engineers remains high.
• Industry experts told Insider what these changes mean for crypto-related companies and engineers.

Gage Bachik wasn’t looking for a job when a recruiter for OpenSea approached him with a blockchain developer role – he joined the company in March but was laid off less than 5 months later in July.

His timeline on OpenSea reflects the boom and bust of major crypto players in recent months as the sector flourished, but as the economy and tech industry grew increasingly fragile, layoffs and bankruptcies poured in.

Leaked emails revealed in July that Coinbase shut down its US affiliate marketing program, crypto bank Celsius filed for bankruptcy the same month, and the crypto’s market cap fell 66% from its fall 2021 peak.

“But at the same time, you have 150 new companies that have just raised — maybe not in the $100 million range — but like $15 million or $20 million for their crypto finance startup,” Bachik said. “And they’re definitely looking for people. I’m not in this position where I don’t have people to talk to. I actually have interview meetings all day today.”

Hiring experts and engineers alike observed that amid high-profile layoffs, the job market for crypto-related roles remains mature and that there are still more vacancies than qualified job candidates in the field.

Crypto crash can improve the industry

Crypto has had several well-documented crashes over the past two decades: 2011, 2014, 2018 and now 2022.

Robert James, CEO of compensation consultancy Pearl Meyer and a personal crypto enthusiast, said these crashes – or corrections – are not necessarily bad, as they help industries distinguish strong and innovative companies.

However, even with the recent market downturn, the 12-24 months of “abundance” to enter the crypto space has kept demand and compensation for blockchain engineers high.

“Because the talent pools are so small, and if you’re really in this area of ​​blockchain and Solana developers or blockchain developers, you just pay what it takes to get them in because the best of the best can transform that business,” James said.

He added that the companies that thrive in these uncertain times will likely only end up stronger due to attracting and hiring the best talent later.

Blockchain and crypto-related employment

i-Recruit, an online recruitment agency, launched its blockchain and cryptocurrency category in 2020, and it shared quarter-to-quarter job site traffic along with inquiries from qualified employers looking to hire people.

The number of qualified employer inquiries mirrored stock market developments between the third and fourth quarter of 2021 and has fallen since. However, unlike dives, the unique workplace traffic of the crypto and blockchain categories skyrocketed during the same time period.

Jim Ortega, a senior account manager for i-Recruit, told Insider that the company has not received a single qualified employer lead in North America since the beginning of June. A qualified manager is a request that comes from a legally registered entity that currently employs a minimum of 5 full-time employees.

“This year started off strong, but the market experienced a sudden shift in February and new leads completely dried up due to a hiring freeze,” Ortega said, noting how i-Recruit has only successfully placed seven blockchain engineers this year so far as they placed 52 blockchain engineers through 2021, making it well under pace.

“In March, most of our active job orders were pulled at the request of clients and some even started withdrawing job offers from candidates who were waiting for the start date,” he added.

Ortega said the concern at the start of the year was about “candidate supply and quality”, but now the downturn has prompted i-Recruit to shift its resources to other IT industry teams – a reallocation that he doesn’t think will reverse until share price growth returns.

What will be next?

Trevor Talley, director of recruiting for The Crypto Recruiters, told Insider that this market uncertainty has changed the tone of people in the industry – from previously just handing over the resume for an open job to asking thoughtful questions about the companies with openings: company size, turnover rate, years of existence and more.

And this could translate into a larger workforce, Talley added, highlighting how the shift is empowering people, especially since the supply of qualified engineers remains far lower than the demand for blockchain engineers.

“It’s a blessing for [crypto jobseekers] because they probably didn’t know how valuable they were until now because they were already secured in a position,” Talley said. “Now that they’ve been laid off, they’re getting calls and they’re starting to find that the market is valuing these people a lot more.”

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