Crypto employment hits record high despite crypto winter

The crippling crypto winter has necessitated massive layoffs across all industry sectors. But despite this, the employment rate has reached a record high this year.

Crypto Winter Isn’t Slowing Down Web3 Projects

Since the beginning of the crypto winter at the beginning of the year, the crypto market has had its fair share of tough times due to falling bitcoin prices (B T c) and altcoins, coupled with unfortunate events such as the collapse of crypto giants do quonTerra Luna algorithmic stablecoin project and, more recently, ftx,

As a result of the bear market, crypto job layoffs have become inevitable. Nevertheless, reports indicate that the market downturn has had a minimal impact on the demand rate for crypto-related jobs.

Specifically, the crypto news and research platform, The Block published A report dated December 21 shows that since 2019, crypto-related employment has increased by 351%. It is noted that by the end of 2022, 82,200 people have been employed, which is a huge increase compared to 2019’s figure of 18,200.

The researchers also noted that the industry faced a record number of layoffs despite an increase in hiring numbers.

“The number of layoffs reached 9,564 in 2022, with crypto.

Data from the report indicated that crypto trading and brokerage firms accounted for the highest percentage, accounting for nearly 50% (41,136) of the total hires.

Meanwhile, despite being one of the most important sectors in the DeFi crypto space in terms of market cap, the projects hired only 5% of the total hires within that period.

It is no secret that the primary driving force of crypto’s growth and its growing acceptance is its global Adoption rate. The crypto sector is all set to disrupt the traditional financial and healthcare industries. As blockchain adoption increases across all sectors, there will be a need to build more projects and solutions.

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