Web3, blockchain technology ‘the future of the world’s financial systems,’ says Chainalysis VP
Chainalysis Global VP of Talent Mikaela Smith joins Yahoo Finance Live to discuss the FTX fallout and what it means for the crypto industry.
Video transcription
AKIKO FUJITA: Well, an ongoing development story we are following closely is of course the fallout from the collapse of FTX. The crypto exchange filed for bankruptcy last month after concerns were raised about Alameda Research’s balance sheet. Speaking to the New York Times DealBook earlier this week, founder Sam Bankman-Fried reflected on the chaos. Take a listen.
SAM BANKMAN-FRIED: I never tried to defraud anyone. I was excited about the prospect of FTX a month ago. And there is a massive failure in supervision of risk management and spreading of responsibility from myself, who runs FTX.
AKIKO FUJITA: And of course, Rachelle, as we continue to follow what happened at FTX, a lot of the questions surrounding this have been, what happens to the crypto sector going forward?
RACHELLE AKUFFO: And especially people who work there too. And speaking of which, the wave of layoffs hitting the crypto sector has really taken off, derailing an industry that was going through something of a hiring boom. So where do we go from here?
Mikaela Smith, global vice president of talent at Chainalysis, a blockchain data platform, joins us to discuss the job market in the space. Good to have you on the show. So I want to get your takeaways first because obviously we’ve seen a lot of tech layoffs. But what we have seen with some of these crypto exchanges is a different story. How does that affect the movement you’re seeing from laid off crypto and exchange workers?
MIKAELA SMITH: I mean, that’s a great, great question. I can’t really speak to other companies. Chainalysis has grown quarter after quarter. We have actually seen a 60% increase in applicants. And so our space makes it very strong, despite what is happening in other companies in the crypto market right now.
AKIKO FUJITA: Yes, you may not be able to speak to other companies, but I’m wondering what you think this means relative to the growth we’ve seen overall. Obviously we’ve heard layoffs from places like Kraken, bankruptcies from BlockFi, FTX. I mean, it has to have some kind of ripple effect when you think about how quickly things were staffed up before all of this.
MIKAELA SMITH: Yes, it’s really sad to see. I mean, layoffs affect everyone both personally and professionally. And I think at the end of the day, Web3 and blockchain technology is the future of the world’s financial systems. So while I think in the short term, this has been a downfall for the crypto industry, I think there really is an opportunity here.
Chainalysis’ mission is to build trust and transparency in blockchain technology. And this moment, while in the short term it’s very painful, I think in the long term, this will help this technology become safer and more transparent for users.
RACHELLE AKUFFO: And so for people who are looking for a job, what are some of the most in-demand roles in this space right now?
MIKAELA SMITH: Well, it’s funny. It really – our employee base and the people we hire, we’re not necessarily looking for people who are in the crypto industry. The people we hire are a reflection of our customer base. So we hire people from the public sector, from government, from the media, from technology, across the board. We are hiring in engineering and sales, marketing, even in my own function, talent.
AKIKO FUJITA: Yeah, I mean, what does that ratio look like right now when you look at job openings for applicants? I mean, how big is the demand?
MIKAELA SMITH: I think the demand is quite significant, especially when you look at the global markets. Crypto continues to be very globally focused, especially in emerging markets. And then you will see a lot of employment in the public sector, around regulation and compliance. And so, again, this is new technology that continues to innovate. And so you will continue to see investments in the R&D area.
RACHELLE AKUFFO: And I just–
AKIKO FUJITA: Chainalysis Global VP of Talent Mikaela Smith appreciates your time today. Thank you so much for joining us.
MIKAELA SMITH: Thank you very much.
