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India’s Crypto Players Are Bullish on Hiring; say crash is just a phase

  • The globe crypto The market cap plummeted from $1.7 trillion in early May to $929 billion on June 24, 2022, according to CoinMarketCap data.
  • Crypto firms are now taking cautious steps to survive the ongoing crypto market crash.
  • Indian crypto industry is likely to hire more to grow in the current year, according to Mudita Chauhan CoinDCX said Business Insider.

In the last two months cryptocurrencies didn’t just fall, they fell. The market lost tens of billions in a matter of weeks as the global crypto market cap plummeted from $1.7 trillion in early May to $929 billion on June 24.

In a market heavily reliant on investor interest with no physical assets, this led to rapid and rapid cuts. crypto exchanges coin base At least 1,100 employees have been laid off in the past month. However, its impact on the Indian hub was much smaller than the global average.

“We made the difficult decision to downsize our team, affecting 18% of Coinbase’s global workforce. Although this impacted our India hub, the cuts were much smaller than the global average. About 8% of our Indian team was impacted,” said Durgesh Kaushik, senior director at Coinbase, in a
tweet.

Other crypto players such as BlockFi, Crypto.com, Gemini and Rain Financial 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 that month than the previous four months combined.

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

However, players believe that taxes and stock market crashes are not stopping this sector known for its risk-taking – with investors happy to bet against the odds. In fact, almost every other year there is a big crash and then a rally – and the sector is used to the volatility.

Some experts call it just a phase, and that too will pass.

“Companies are trying to weather 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 lucrative as customers will not invest at this time,” said Sidharth Sogani, Founder and CEO of CREBACO.

Three Top 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 its presence and will continue to hire staff.

Zhao further explained that his company has not suffered large, hefty losses since it is not involved in promotional activities.

According to Mudita Chauhan, Head of Human Resources at CoinDCX, the Indian crypto industry’s hiring pace is expected to increase in the current year. The Web 3.0 industry, like any other sector, requires a variety of roles to build the Web3 ecosystem and pass the test.

Indian crypto players WazirX and CoinDCX have similar plans.

Sricharan C, Head of Human Resources at WazirX, told Business Insider India that the company is on a hiring spree. It employs over 250 people in over 70 cities.

“We want to streamline operations this year with the current talent base. We do this by providing skills development programs throughout the organization. We are not concerned with reducing the size of our employees. Instead, we actively recruit based on business needs for strategic positions through internal referral programs and external job opportunities,” he said.

CoinDCX is also looking forward to expanding its workforce to 1,000 employees and is bullish on hiring.

“We want to scale, so we’re investing in features that strengthen our core. We are looking for more crypto enthusiasts like this to join our team and grow together with CoinDCX. Our goal is to continue to be the most compliant crypto platform and we will continue to invest resources to achieve that,” Chauhan told Business Insider India.

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28% GST on Crypto Transactions? India is reportedly considering another tax hike next week

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