Crypto

Indian Crypto Players Bullish About Hiring; They say the crash is just a phase

  • global crypto The market capitalization has plummeted from $1.7 trillion since the beginning of May to $929 billion, as of June 24, 2022, according to data from CoinMarketCap.
  • Crypto firms are now taking cautious steps to survive the ongoing crypto market crash.
  • The Indian crypto industry is likely to hire more to grow in the current year, Mudita Chauhan of CoinDCX he told Business Insider.

During the last two months, CRYPTOCURRENCIES They didn’t just fall, they crashed. The market lost tens of billions in a matter of weeks as the global crypto market capitalization plummeted from $1.7 trillion in early May to $929 billion as of June 24.

In a market that relied heavily on the interest of investors with no physical assets, it led to quick and rapid drawdowns. crypto exchanges base of coins it laid off at least 1,100 employees last month. However, its effect on the Indian hub was much smaller than the world average.

“We made the difficult decision to downsize our team, impacting 18% of Coinbase’s global workforce. Although this affected our India hub, the cuts were much lower than the world average. Roughly ~8% of our India team was affected,” said Durgesh Kaushik, a senior director at Coinbase, in a statement.
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Other crypto players like BlockFi, Crypto.com, Gemini, and Rain Financial also announced layoffs and paused all their hiring. According to media reports, the cryptocurrency sector was the worst in May, seeing more job losses this month than the previous four months combined.

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, cryptocurrency trading in India fell by 40%, according to a report by Credit Rating for Exchanges, Blockchains and Coin Offerings (CREBACO).

However, players believe that taxes and crashes are not stopping this sector which is known for its risk taking, with investors who like to bet against all odds. In fact, almost every two years there is a big drop and then a spike, and the industry is used to volatility.

Some experts call it just a phase and this too shall pass.

“Companies are trying to survive the crypto winter and recession, and layoffs are a sign that a company is confident in what it is doing. Any marketing or advertising in India will not be profitable as clients are not going to invest at this time,” said Sidharth Sogani, founder and CEO of CREBACO.

Three Major Crypto Firms Say They Will Keep Hiring

While 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 his presence and will continue to hire.

Zhao further explained that his company has not incurred any big losses as it is not involved in promotional activities.

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

Indian crypto players WazirX and CoinDCX also have similar plans.

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

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

CoinDCX also hopes to expand its workforce to 1,000 people and is bullish on hiring.

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

SEE ALSO:
Crypto platform Voyager Digital lowers daily withdrawal limit to $10,000 after revealing $660 million exposure to a struggling crypto hedge fund

28% GST on crypto transactions? India is reportedly considering another tax levy next week

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