Amid the recent spurt of crypto redundances, hiring freezes, and pulled job offers, the announcement that Crypto.com is cutting 260 roles globally has made the most impact on job seekers in Singapore.
That’s because – unlike other crypto behemoths – Crypto.com is headquartered in Singapore and runs its operations primarily from the Republic.
While the exact extent of any domestic cuts at Crypto.com is unknown, recruiters who work with crypto firms in Singapore say the publicity surrounding the global layoffs will further dampen candidate enthusiasm for the crypto sector, which was already on the wane following rescinded job offers at Coinbase. One recruiter in Singapore says tech candidates will be “spooked” by the Crypto.com news.
“Within the past month, we’ve gone from aggressive expansion to restructuring and redundancies in crypto – this trend is the same in Singapore as it is globally,” says another headhunter who hires for several crypto companies. “We’ve been working with one crypto exchange who wanted to offer someone a contract, but now they’re fighting internally for budget and they can’t do it,” he adds.
However, he says some candidates are now getting “blinded by recent volatility and price falls” in crypto rather than considering long-term career prospects. “The sector and hiring will bounce back quickly – just like it deteriorated quickly. I’m still massively bullish about it,” he adds.
Speaking at a recent eFinancialCareers Asian round table, a tech recruiter said he’s seen “people dip their toe into a big-name crypto, immediately hate it, and then jump back into banking”. Technologists from banks can get “frustrated” at cryptos because there’s less support within their smaller teams and their 24/7 trading means work-life balance can suffer, he added. “Generally younger people who don’t have families are best placed to take the risk, and they know they can go back to a Goldman or a Morgan Stanley pretty easily.”
Another recruiter at the round table said some cryptos are starting to suffer the same fate as Hong Kong’s virtual banks, some of which were hit by high turnover within a year of launch. “Like at virtual banks, crypto jobs are unstructured, and some people miss the familiarity of a routine,” he explained.
Photo by Taylor Foss on Unsplash
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