Crypto Job Listings Rebound Alongside Market Recovery

Thanks to the resilient resurgence of the digital-asset market, crypto companies are actively seeking new talent once again, albeit with a tempered approach compared to the exuberance of previous crypto booms – at least for the time being.

Coinbase Global Inc., having recently reclaimed profitability, is on the lookout to fill 200 positions globally. Competing exchanges like Kraken, Binance, and Gemini are also in hiring mode, alongside traditional firms such as Fidelity, which have expanded their involvement in the sector. Many crypto startups are now in a position to secure funding once more, enabling them to grow their teams, as indicated by the surging demand on specialized job boards.

CryptocurrencyJobs.co has witnessed a remarkable 50% year-over-year increase in job postings between January and February, followed by a further 45% uptick in March. CryptoJobsList reports almost double the number of job ads compared to a year ago. The Blockchain Association, representing over 100 major industry players, lists more than 1,700 postings, a significant increase from the previous year. During the peak of the 2021 bull market, this figure surpassed 3,000 ads.

"We're witnessing a turnaround," affirms Dan Spuller, senior director of industry affairs at the association, noting an uptick since the end of last year. "I anticipate robust growth for the remainder of this year and into the next. Our industry, often correlating with the overall market, is poised for success."

The industry benchmark, Bitcoin, has achieved a series of all-time highs this month, signaling a more than 50% rally since January. Exchanges are experiencing heightened activity as retail investors re-enter the market, enticed once again by the allure of significant returns. Coinbase's shares reached a 52-week high of $262, underlining the renewed investor confidence.

"Kraken has adeptly navigated multiple market cycles while maintaining readiness to scale during pivotal moments," remarks Pranesh Anthapur, Chief People Officer at the exchange. "The recent upswing in crypto markets reinforces our conviction that 2024 presents an opportune moment for expansion to meet the burgeoning demand." The exchange presently lists over 100 positions on its job portal.

Fidelity is actively seeking to fill 22 crypto-related roles, including a digital asset trader and vice president of crypto investment risk. BlackRock Inc., the world's largest asset manager, mentions digital assets in numerous job postings, including one for a vice president of digital assets and ETF legal counsel.

Business development roles, often the first casualties during downturns, are now witnessing a resurgence in demand, notes Spuller of the Blockchain Association.

Many of the companies currently hiring, like Coinbase, underwent at least one round of layoffs during the recent crypto downturn and are now exercising caution to avoid over-expansion.

"We anticipate modest headcount growth in 2024," reveals Alesia Haas, Coinbase's Chief Financial Officer, in a February interview.

Despite several years of price declines and the collapse of numerous crypto ventures, the job market's recovery remains uneven. Job ads in the crypto sector on platforms like Indeed and LinkedIn are still below levels seen a year ago.

However, there's no shortage of candidates vying for these roles, some of which offer compensation in cryptocurrency.

"There's a wealth of talent seeking opportunities, with heightened interest in the crypto space due to the bull market," observes Daniel Adler, founder of Cryptocurrency Jobs. "Many listings on our platform are inundated with applications, indicating it's still very much an employer's market."

--Assisted by Elijah Nicholson-Messmer