India’s crypto players bullish on hiring; say crash is just a phase

  • The global crypto Market capitalization has fallen from $ 1.7 trillion since early May to $ 929 billion on June 24, 2022, according to CoinMarketCap data.
  • Cryptographic companies are now taking precautionary measures to survive the ongoing cryptographic market crash.
  • The Indian crypto industry is likely to hire more to grow this year, Mudita Chauhan said CoinDCX told Business Insider.

For the past two months, cryptocurrencies not only did they fall, they fell. The market lost tens of billions in a matter of weeks as global cryptocurrency market capitalization fell from $ 1.7 trillion in early May to $ 929 billion on June 24th.

In a market that relied heavily on the interest of investors without physical assets, it caused rapid and rapid declines. Cryptographic exchanges Coinbase laid off at least 1,100 employees last month. However, its effect on the Indian center was much lower than the global average.

“We made the difficult decision to reduce the size of our team which affected 18% of Coinbase’s global workforce. Although this affected our center in India, the cuts were well below the global average. About 8% of our team in India has been affected, “Durgesh Kaushik, senior director of Coinbase, said in a statement

Other cryptographic players such as BlockFi,, Gemini and Rain Financial have also announced layoffs and paused all their hiring. According to media reports, the crypto sector was the worst in May: it had more job losses this month than the previous four months together.

And things have been going badly since the beginning of the year. After the Government of India announced a 30% tax on virtual digital assets, Indian cryptocurrency trading fell by 40%, according to a report by Credit Rating for Exchanges, Blockchains and Coin Offerings (CREBACO).

However, players believe that taxes and falls do not stop this sector that is known for its risk-taking, with investors who like to bet against all odds. In fact, almost every two years it has a big collapse and then a peak, and the sector is used to volatility.

Some experts call it just one phase and this will happen too.

“Companies are trying to survive the crypto winter and the recession and the layoff is a sign that a company is confident in what it is doing. Any marketing or advertising in India is not going to be profitable as customers are not going to invest right now,” he said. Sidharth Sogani, founder and CEO of CREBACO.

Three major cryptocurrency companies say they will continue to hire

Although there have been layoffs, some of them are also hiring. Binance CEO Changpen Zhao said at a recent event that the company plans to expand its footprint and will continue to hire.

Zhao further explained that his company has not suffered major losses as it does not participate in promotional activities.

According to Mudita Chauhan, head of human resources at CoinDCX, it is likely that the pace of hiring in the Indian crypto industry will grow during the current year. The Web 3.0 industry, like any other industry, requires a variety of roles to build the web3 ecosystem and survive the test.

Indian cryptography players WazirX and CoinDCX also have similar plans.

Sricharan C, head of human resources at WazirX told Business Insider India that the company is in a hiring wave. It has a staff of more than 250 professionals in more than 70 cities.

“We are looking to optimize operations with the current talent base this year. We are doing this by implementing skills development programs across the organization. We are not looking to cut back on the size of our employees. Instead, we are actively hiring according to business need for strategic roles. through internal referral programs and external job listings, ”he said.

CoinDCX is also looking forward to expanding its workforce to 1,000 people and is optimistic about hiring.

“We plan to build scale and therefore invest in features that strengthen our core. We are looking for more cryptography enthusiasts to join our team and grow together with CoinDCX. We aim to remain the most compatible cryptographic platform and will continue to invest in resources for that, ”Chauhan told Business Insider India.

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