• Market Cap: $3,392,072,554,847.02
  • 24h Vol: $113,089,599,032.70
  • BTC Dominance: 61.70%
XBT.Market
Advertisement
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us
No Result
View All Result
XBT.Market
No Result
View All Result
Home Bitcoin

Life after crypto biz: Retrenched staff ponder future in the job market

Jon Hartney by Jon Hartney
July 20, 2022
in Bitcoin, Blockchain, Business, Market
0
Life after crypto biz: Retrenched staff ponder future in the job market
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Workers weigh up their futures in the cryptocurrency economy as tough market conditions lead to more staff cuts at prominent firms.

Bleak market prospects continue to afflict the cryptocurrency ecosystem as prominent firms face the tough reality of reducing their workforce to ensure their long-term viability. 

Nonfungible token (NFT) marketplace OpenSea has established itself as an industry leader in its category. Still, its own success has not been enough to weather the potential length of the so-called crypto-winter.

Related articles

Tether Enforces Freeze On $12 Million In Tron Funds Over Illicit Activity

Tether Enforces Freeze On $12 Million In Tron Funds Over Illicit Activity

June 18, 2025
Ethereum Price at Risk of Downside Break as Bears Test Key Support

Ethereum Price at Risk of Downside Break as Bears Test Key Support

June 18, 2025

The company announced that it would reduce its employee numbers by 20% in July to ensure the long-term viability of the business. OpenSea co-founder Devin Finzer shared a Slack message sent to the company outlining the reasoning for the retrenchment move on Twitter on July 14:

Today is a hard day for OpenSea, as we’re letting go of ~20% of our team. Here’s the note I shared with our team earlier this morning: pic.twitter.com/E5k6gIegH7

— Devin Finzer (dfinzer.eth) (@dfinzer) July 14, 2022

Finzer promised to give outgoing staff a ‘generous’ severance package and healthcare coverage into 2023, as well as accelerate equity vesting periods for employees eligible.

The co-founder noted that despite having built a strong balance sheet through fundraising and a proven ‘product-market fit,’ OpenSea had to reduce its workforce to ensure a financial runway for a five-year crypto winter scenario.

Related: Crypto exchange Coinbase slashes staff by 18% amid bear market

A handful of OpenSea employees took to social media platforms with posts indicating their severance from the company. One employee was ‘shocked and still processing’ the news while taking a positive attitude:

I was apart of the layoffs.
I’m shocked and still processing tbh.
Can’t take it personal.
Must move forward and keep building.
Thanks @opensea for the opportunity https://t.co/e4WseqeavR

— Allen (@allencito) July 14, 2022

Kristyana Kern, a recruiter working for OpenSea, confirmed her departure from the company in a LinkedIn post that was also shared on Twitter:

“In my short time there, I hired 10 people with 100% offer acceptance, helped build out recruiting operations and really dug into Web3. I worked with incredible people and am so grateful for my time there but am ready for my next adventure.”

So sad to share that I was impacted by layoffs at OpenSea. I worked with incredible people and am so grateful for my time there.

That being said – I don’t want this to end my time in Web3 so if anyone is hiring Recruiters please reach out ❤️

— Kristyana (@kristyanakayy) July 14, 2022

Cointelegraph spoke to another former OpenSea employee that admitted being caught off-guard by the announcement. The individual, speaking on condition of anonymity, had been employed in the cryptocurrency industry for around a year and wanted to continue working in the Web3 space.

These posts garnered plenty of interest, with colleagues and acquaintances offering assistance to help place the outgoing OpenSea employees. Some projects like DAO payroll and finance platform Utopia Labs called for engineers to explore new openings at the firm:

If you were affected by the @opensea layoffs we’re hiring @utopialabs_ and would love to chat

We’re working on some deep technical problems at the intersection of compensation, compliance, and coordination for DAOs, and are expanding out our rockstar eng team https://t.co/0ONJM9M8QZ

— imhiringengineers.eth (@pryceandstuff) July 14, 2022

OpenSea becomes the largest NFT-focused company to be forced to cut staff alongside significant firms in other corners of the blockchain and cryptocurrency ecosystem. June 2022 saw the likes of major exchanges Gemini, Coinbase and Crypto.com announcing retrenchments.

Cryptocurrency, blockchain and Web3 job portal Crypto Jobs List estimates that 3500 jobs were cut by the three major exchanges. At the same time, the service noted a 20% drop in the total volume of companies and jobs being advertised since May.

While other companies streamline their teams, the likes of Binance, Kraken and OKEx are hiring for over 2000 positions collectively. Crypto Jobs List also estimates that another 1000 jobs are set to be created by a plethora of cryptocurrency and nonfungible token (NFT) startups.

Nonetheless the search volume for “remote crypto jobs” been the highest ever in the last 5 years pic.twitter.com/OyAVZVbkho

— Crypto Jobs List — Solidity NFT DeFi Web3 Jobs (@CryptoJobsList) July 7, 2022

Cryptocurrency Jobs, another careers portal platform, also noted an increase in the number of companies requesting human resource assistance. Daniel Adler, the founder of Cryptocurrency Jobs, told Cointelegraph that he’d worked with 40 different companies across the cryptocurrency ecosystem since markets turned sour in 2022:

Some teams have implemented hiring freezes, others are restructuring and looking into their hiring needs for the year, and for some, it’s business as usual. For many teams, the bear market is a great time to do meaningful and strategic hires.”

Cointelegraph has reached out to a number of individuals affected by staff cuts in the cryptocurrency industry. If you have recently lost your job or have been affected by prevailing market conditions and would like to share your experience/views – send an email to [email protected].

Read Entire Article
Tags: CointelegraphCryptocurrencyInvestmentMining Bitcoin
Share76Tweet47

Related Posts

Tether Enforces Freeze On $12 Million In Tron Funds Over Illicit Activity

Tether Enforces Freeze On $12 Million In Tron Funds Over Illicit Activity

by Jon Hartney
June 18, 2025
0

Tether acted swiftly Sunday when it froze $123 million worth of USDT on the Tron blockchain Based on reports from...

Ethereum Price at Risk of Downside Break as Bears Test Key Support

Ethereum Price at Risk of Downside Break as Bears Test Key Support

by Jon Hartney
June 18, 2025
0

Ethereum price failed to clear the $2,680 zone and declined ETH is now consolidating losses and remains at risk of...

Bitcoin downside risk lingers, upside hinges on holding above $102K

Bitcoin downside risk lingers, upside hinges on holding above $102K

by Jon Hartney
June 18, 2025
0

Bitfinex analysts say Bitcoin’s current market conditions signal the asset

Bitcoin Whales Pull 4,500 BTC From Binance, Hinting At Incoming Rally

Bitcoin Whales Pull 4,500 BTC From Binance, Hinting At Incoming Rally

by Jon Hartney
June 18, 2025
0

Recent on-chain data suggests that Bitcoin (BTC) whales may be preparing for a potential rally, as Binance BTC withdrawals have...

Meta Pool hit with $27M exploit, but attacker flees with only $132K

Meta Pool hit with $27M exploit, but attacker flees with only $132K

by Jon Hartney
June 18, 2025
0

Meta Pool says an early detection system discovered the exploit, allowing it

Load More
  • Trending
  • Comments
  • Latest
SUI Price Hits All-Time High – But Questions About Valuation Remain

SUI Price Hits All-Time High – But Questions About Valuation Remain

October 17, 2024
Solana Targets $160 Resistance As TVL Hits New Yearly Highs

Solana Targets $160 Resistance As TVL Hits New Yearly Highs

October 17, 2024
Bitcoin Price Holds Firm: Can It Power Toward New Gains?

Bitcoin Price Holds Firm: Can It Power Toward New Gains?

October 17, 2024
Dogecoin Holder Base Falls To 6-Month Low, But Analyst Believes DOGE Price Is Headed To $10

Dogecoin Holder Base Falls To 6-Month Low, But Analyst Believes DOGE Price Is Headed To $10

October 17, 2024
All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

0
Crypto owners banned from working on US Government crypto policies

Crypto owners banned from working on US Government crypto policies

0
Korean startup Uprise lost $20M shorting LUNC

Korean startup Uprise lost $20M shorting LUNC

0
Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

0
Tether Enforces Freeze On $12 Million In Tron Funds Over Illicit Activity

Tether Enforces Freeze On $12 Million In Tron Funds Over Illicit Activity

June 18, 2025
Ethereum Price at Risk of Downside Break as Bears Test Key Support

Ethereum Price at Risk of Downside Break as Bears Test Key Support

June 18, 2025
Bitcoin downside risk lingers, upside hinges on holding above $102K

Bitcoin downside risk lingers, upside hinges on holding above $102K

June 18, 2025
Bitcoin Whales Pull 4,500 BTC From Binance, Hinting At Incoming Rally

Bitcoin Whales Pull 4,500 BTC From Binance, Hinting At Incoming Rally

June 18, 2025

XBT.Market

This website is an automated news feed powered by the Nebulome cloud system. The site is made possible by YYC TECH Consulting and Alberta Digital Mining Company. As a team with major crypto and bitcoin enthusiasm, we have curated major sources of news, trading and financial data to bring you, our viewer, an unbiased source of truth.

Recent Posts

  • Tether Enforces Freeze On $12 Million In Tron Funds Over Illicit Activity June 18, 2025
  • Ethereum Price at Risk of Downside Break as Bears Test Key Support June 18, 2025
  • Bitcoin downside risk lingers, upside hinges on holding above $102K June 18, 2025
  • Bitcoin Whales Pull 4,500 BTC From Binance, Hinting At Incoming Rally June 18, 2025
  • Meta Pool hit with $27M exploit, but attacker flees with only $132K June 18, 2025

News Categories

  • Bitcoin
  • Blockchain
  • Business
  • Market

Tags

bitcoinMagzine Cointelegraph Cryptocurrency insidebitcoins Investment Mining Bitcoin NewsBTC

Quicklinks

  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market - Powered by YYC Tech Consulting & ADMCO.

No Result
View All Result
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market by Nebulome.

  • Steakhouse EURCV Morpho VaultSteakhouse EURCV Morpho Vault(STEAKEURCV)$0.000000-100.00%
  • FibSwap DEXFibSwap DEX(FIBO)$0.0084659.90%
  • TruFin Staked APTTruFin Staked APT(TRUAPT)$8.020.00%
  • bitcoinBitcoin(BTC)$84,372.003.58%
  • ethereumEthereum(ETH)$1,885.365.68%
  • tetherTether(USDT)$1.000.00%
  • rippleXRP(XRP)$2.186.84%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • binancecoinBNB(BNB)$617.995.03%
  • Wrapped SOLWrapped SOL(SOL)$143.66-2.32%
  • solanaSolana(SOL)$128.974.23%
  • usd-coinUSDC(USDC)$1.000.01%
  • dogecoinDogecoin(DOGE)$0.1736117.78%
  • cardanoCardano(ADA)$0.687.61%
  • tronTRON(TRX)$0.2342340.79%
  • staked-etherLido Staked Ether(STETH)$1,884.065.48%
  • Gaj FinanceGaj Finance(GAJ)$0.0059271.46%
  • Content BitcoinContent Bitcoin(CTB)$24.482.55%
  • USD OneUSD One(USD1)$1.000.11%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$84,309.003.84%
  • ToncoinToncoin(TON)$4.157.66%
  • UGOLD Inc.UGOLD Inc.(UGOLD)$3,042.460.08%
  • ParkcoinParkcoin(KPK)$1.101.76%
  • chainlinkChainlink(LINK)$14.027.76%
  • leo-tokenLEO Token(LEO)$9.211.17%
  • stellarStellar(XLM)$0.2743585.70%
  • avalanche-2Avalanche(AVAX)$19.647.71%
  • Wrapped stETHWrapped stETH(WSTETH)$2,256.395.40%
  • USDSUSDS(USDS)$1.00-0.01%
  • SuiSui(SUI)$2.429.03%
  • shiba-inuShiba Inu(SHIB)$0.0000137.71%
  • hedera-hashgraphHedera(HBAR)$0.17284810.00%
  • Yay StakeStone EtherYay StakeStone Ether(YAYSTONE)$2,671.07-2.84%
  • polkadotPolkadot(DOT)$4.257.34%
  • litecoinLitecoin(LTC)$85.265.04%
  • bitcoin-cashBitcoin Cash(BCH)$314.248.23%
  • mantra-daoMANTRA(OM)$6.301.94%
  • Pundi AIFXPundi AIFX(PUNDIAI)$16.000.00%
  • PengPeng(PENG)$0.60-13.59%
  • Bitget TokenBitget Token(BGB)$4.664.95%
  • wethWETH(WETH)$1,884.285.66%
  • Ethena USDeEthena USDe(USDE)$1.00-0.04%
  • Binance Bridged USDT (BNB Smart Chain)Binance Bridged USDT (BNB Smart Chain)(BSC-USD)$1.00-0.18%
  • MurasakiMurasaki(MURA)$4.23-13.71%
  • Black PhoenixBlack Phoenix(BPX)$3.351,000.00%
  • Pi NetworkPi Network(PI)$0.714.53%
  • HyperliquidHyperliquid(HYPE)$13.729.80%
  • Wrapped eETHWrapped eETH(WEETH)$2,003.675.53%
  • WhiteBIT CoinWhiteBIT Coin(WBT)$28.350.76%
  • moneroMonero(XMR)$217.841.31%
  • Zypto TokenZypto Token(ZYPTO)$0.037139-3.47%
  • uniswapUniswap(UNI)$6.217.66%
  • AptosAptos(APT)$5.395.79%
  • PepePepe(PEPE)$0.00000811.37%
  • daiDai(DAI)$1.00-0.01%
  • nearNEAR Protocol(NEAR)$2.635.26%
  • XT.comXT.com(XT)$3.08-1.65%
  • Layer One XLayer One X(L1X)$23.35454.66%
  • sUSDSsUSDS(SUSDS)$1.050.05%
  • okbOKB(OKB)$48.762.12%
  • gatechain-tokenGate(GT)$22.883.58%
  • crypto-com-chainCronos(CRO)$0.1015853.46%
  • Coinbase Wrapped BTCCoinbase Wrapped BTC(CBBTC)$84,342.003.68%
  • MantleMantle(MNT)$0.814.44%
  • Tokenize XchangeTokenize Xchange(TKX)$33.460.86%
  • internet-computerInternet Computer(ICP)$5.517.85%
  • ethereum-classicEthereum Classic(ETC)$17.074.81%
  • OndoOndo(ONDO)$0.817.47%
  • First Digital USDFirst Digital USD(FDUSD)$1.00-0.12%
  • aaveAave(AAVE)$168.6110.19%
  • Aerarium FiAerarium Fi(AERA)$7.14-13.11%
  • Ethena Staked USDeEthena Staked USDe(SUSDE)$1.170.30%
  • BSCEXBSCEX(BSCX)$237.310.49%
  • Official TrumpOfficial Trump(TRUMP)$10.354.36%
  • vechainVeChain(VET)$0.0233636.04%
  • cosmosCosmos Hub(ATOM)$4.538.09%
  • fantomFantom(FTM)$0.70-1.56%
  • BittensorBittensor(TAO)$231.277.72%
  • BlackRock USD Institutional Digital Liquidity FundBlackRock USD Institutional Digital Liquidity Fund(BUIDL)$1.000.00%
  • EthenaEthena(ENA)$0.3616194.37%
  • render-tokenRender(RENDER)$3.6710.91%
  • filecoinFilecoin(FIL)$2.927.72%
  • CelestiaCelestia(TIA)$3.181.75%
  • Black AgnusBlack Agnus(FTW)$0.000183423.46%
  • Lombard Staked BTCLombard Staked BTC(LBTC)$84,465.004.02%
  • POL (ex-MATIC)POL (ex-MATIC)(POL)$0.2063993.13%
  • KaspaKaspa(KAS)$0.0682239.38%
  • STAUSTAU(STAU)$0.17397910.95%
  • FasttokenFasttoken(FTN)$4.020.01%
  • Sonic (prev. FTM)Sonic (prev. FTM)(S)$0.5212.98%
  • algorandAlgorand(ALGO)$0.1896979.65%
  • ORA CoinORA Coin(ORA)$4.885.92%
  • ArbitrumArbitrum(ARB)$0.3397526.22%
  • Arbitrum Bridged USDT (Arbitrum)Arbitrum Bridged USDT (Arbitrum)(USDT)$1.000.07%
  • GGTKNGGTKN(GGTKN)$0.1121180.75%
  • kucoin-sharesKuCoin(KCS)$11.231.19%
  • Solv Protocol SolvBTCSolv Protocol SolvBTC(SOLVBTC)$84,076.003.32%
  • fetch-aiArtificial Superintelligence Alliance(FET)$0.4856098.68%
  • optimismOptimism(OP)$0.776.43%
  • StoryStory(IP)$4.75-2.68%