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Crypto Exchange Crypto News Jobs

‘Hodlnaut’ Faces Singapore Police Action and Job Losses

Troubled crypto lender Hodlnaut has announced massive layoffs and pending police proceedings in a blog post that underscores its dire financial and legal situation as it becomes the latest crypto firm to halt customer withdrawals.

The Singapore-based lender has laid off 40 employees in an effort to reduce its costs and has admitted it is subject to action being taken by the Singapore Attorney-General and the Singapore Police Force.

Hodlnaut Cuts 80% of Staff, Interest Rate to Zero

After pausing withdrawals earlier this month, Hodlnaut filed for creditor protection in Singapore seeking time to resolve its liquidity issues. In addition to cutting 80 percent of its staff, the company also slashed annual interest rates to 0 percent in an attempt to “stabilise liquidity”. The company’s founders remain in Singapore and are said to be “working hard on a recovery plan”. They added:

The current team we have retained are, in our assessment, [the] necessary headcount in order for us to carry out key functions.

Hodlnaut blog post

Hodlnaut joins fellow lender Vauld and Asia Pacific crypto exchange Zipmex in an unholy trinity of Singapore-based crypto firms facing liquidity crises. Hodlnaut also applied to be placed under judicial management earlier this month. If successful, the move will hand “ultimate decision-making power on all aspects of the company going forward” to the judicial manager – an independent third party that oversees the process.

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Crypto News Gemini Jobs

Crypto Job Rout Continues as Gemini and BlockFi Execute Second Round of Layoffs

Leading US crypto companies BlockFi and Gemini are launching another round of layoffs just a month after both companies announced cutting more than 10 percent of their respective staff complements due to “extreme market conditions”.

‘At Least 68’ Jobs to Go From Gemini

Gemini was reported to have issued an internal bulletin regarding a new round of layoffs on July 18, but it’s unknown exactly how many employees are affected. According to an unnamed source close to the company, however, at least 68 staff members – or 7 percent of the workforce – have been laid off due to “extreme cost-cutting”:

BlockFi Offers Buyouts

On the other hand CeFi lender BlockFi is offering employees buyouts – 10 weeks of paid leave and 10 weeks of health insurance – to resign. If accepted, employees would still be eligible for unemployment benefits.

Last month, BlockFi CEO Zac Prince announced that at least 20 percent of staff – or 170 employees – would be shed. “This is not a decision we take lightly and is one that brings us great sadness,” Prince tweeted at the time.

May’s market crash has led some other leading crypto companies, including Crypto.com and Coinbase, to downsize. Coinbase said that while the firm experienced “unprecedented growth” during early 2021’s bullish market, it blindfolded the company into a thumbed hiring spree. The exchange laid off more than 1,100 employees in June.

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Crypto News Crypto.com Gemini Jobs Markets

BlockFi and Crypto.com to Shed 400+ Jobs Amid Crypto Rout

Lending platform BlockFi and major cryptocurrency exchange Crypto.com are set to cut more than 400 jobs between them in the wake of this week’s 12 percent crypto market slump.

In a June 14 tweet, BlockFi CEO Zac Prince said “roughly 20 percent” of its workforce would be shed, which amounts to 170 employees:

Tweeting last weekend, Crypto.com CEO Kris Marszalek quoted corresponding figures of 5 percent and 260 employees:

Latest in a Line of Job Shedders

Both bosses blamed this year’s steadily deteriorating crypto market following its US$3 trillion peak last November. But surely the catalyst for the pending dismissals would have been this week’s 12 percent plunge, which pushed the market cap below US$1 trillion.

Neither firm is unique in its intention to downsize staff. Gemini, helmed by Winklevoss twins Cameron and Tyler, has cut 10 percent of its workforce, and Coinbase, another major US exchange, has withdrawn more than 300 job offers and introduced a hiring freeze. Middle Eastern exchange Rain Financial has reportedly culled “dozens” of jobs.

Gone Big Too Soon?

Like BlockFi, Crypto.com was riding high just a matter of months ago. In November last year, it paid a reported US$700 million in naming rights for the Los Angeles sports and culture arena formerly known as the Staples Center. Earlier this year, the company signed a five-year sponsorship deal worth A$25 million with the Australian Football League. The highly visible exchange, whose name is now ubiquitous in sporting circles, also has partnerships with the UFC, Formula 1, Italian Football Lega Serie A and French football powerhouse Paris Saint-Germain.

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Australia Brisbane Jobs Melbourne Perth Sydney

Australia Ranks 4th in Crypto Job Opportunities Report

As the crypto market continues to expand it has created many niche roles, with skills in technology ranking highest as the prime prerequisite to land a job in crypto.

Many job listings call for specific skills in Java, Machine Learning, Python, and Artificial Intelligence (AI). According to a report called “Crypto & AI Jobs: The Top Cities & Industries For Opportunities”, Australia ranks fourth, with 385 jobs available in the crypto industry.

Top five countries for crypto jobs. Source: smallbusinessprices.co.uk

The top three cities in Australia for jobs in crypto are Sydney, Melbourne and Brisbane. The data also reveals that the leading industries for crypto jobs are Internet and Technology, Banking and Financial Services, Computer Hardware and Software, Accounting and Finance, and finally Consulting.

The US ranks highest on the global list with a total of 3,893 advertised jobs in the cryptocurrency field. Last year, Crypto News Australia reported that jobs in the crypto and blockchain field grew by 118 percent in 10 months.

AI Job market. Source: smallbusinessprices.co.uk

With the rise of available jobs in niche categories such as AI, Australia also ranks fourth, with a total of 603 jobs available in the field. The top three cities for AI jobs in Australia are Sydney, Melbourne and Perth, and the leading industries for jobs linked to AI are Information Technology, Computer Software and Hardware, Consulting, Accounting, Legal, and Internet and Technology.

Australia Gearing Towards Crypto Jobs

The rapid growth of the worldwide crypto market parallels the need for individuals with industry-specific skills. As the report shows, Australia’s high global ranking in crypto employment opportunities is down to implementing better regulation in order to provide incentives for new investors and thus create more jobs in the field for Australians.

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Australia Bitcoin Blockchain Crypto News Ethereum Jobs

Crypto.com Report Predicts Global Crypto Users to Hit 1 Billion in 2022

According to the newest edition of the Crypto Market and Sizing Report by Crypto.com, global crypto owners are predicted to total one billion by the end of 2022. According to the report, as of January 2022 that number has already reached 300 million.

Global Crypto Adoption Up 178% in 2021

The report also states that global adoption increased by 178 percent in 2021, almost tripling from 106 million to 295 million owners in December 2021.

During the first half of 2021 crypto adoption was significant, but slowed down during the second half reaching 37.5 percent, 13 percent higher than over the same period in the previous year.

The report further states that Bitcoin was the main driver behind the observed growth, outperforming Ethereum in terms of adoption. Weak Ethereum adoption is attributed to the emergence of competitors such as Cronos, Terra and Avalanche, together with Layer 2 solutions.   

Rise in Adoption Mirrored by Crypto Jobs Boom

As the blockchain industry continues to grow, so too the crypto job market. In a recent report published by LinkedIn, crypto job ads have seen a significant, and rapid, spike. In 2021, crypto job postings surged a whopping 395 percent, as the number of cryptos listed on CoinMarketCap stood at 7,000-8,000 just a year ago. At the time of writing, this number is closer to 17,000.

Another recent report commissioned by digital asset management firm Mawson found that Australia’s crypto economy alone could grow to $A68.4 billion by 2030, employing around 206,000 workers.

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Australia Blockchain Crypto News Education Jobs

Report: Crypto and Blockchain Jobs Up 118% in 10 Months

Cryptocurrencies and blockchain technology have boomed in recent years and organisations need to expand their abilities. Given the relative newness of the industry, jobs and qualifications have not really been geared toward developing blockchain, but this is now changing. Organisations need to appoint individuals with the necessary know-how if they are to keep pace with changes in the market.

In a report released by The Korea IT Times, crypto and blockchain companies have been doing just that, and the number of jobs in those fields is rapidly rising. Organisations have an increasing need for employees with specific crypto and blockchain knowledge. Because of sheer demand, crypto recruitment shortages have been experienced as exchanges have had to compete with banks for the best in the business.

According to data from crypto trading simulator Crypto Parrot, as of mid-July this year crypto and blockchain job postings had grown an impressive 118 percent over the previous 10 months.

Jobs Wanted, Though Not So Much in Software Development

The growth has come with a shift in the most sought-after roles. For example, the share of management posts in crypto and blockchain increased 29.87 percent year-on-year as of July 16, while human resources posts rose a massive 200 percent over the same period.

By contrast, software development jobs have slipped to 29.7 percent of all crypto and blockchain job posts, compared to 34.8 percent in 2020.

Twitter accounts such as Cryptocurrency Jobs post available jobs daily:

In its report, The Korea IT Times observed that blockchain-related roles appear to attract a higher salary range than other technology posts, due to the required strong knowledge of cryptography and expertise in ledger economics and object-orientated programming.

The industry is also finding favour in remote workers due to the pandemic, citing that it proves a good fit for an industry built on decentralisation. Remote working also encourages core developers and researchers to engage with many organisations and employers on different projects.

As crypto, blockchain and DeFi have gained traction in educational institutions, the report indicates that many developers in these sectors remain self-taught. Data suggests that universities and institutions still lag in this area.

Australia Embraces Crypto and Blockchain 

Australia is fast becoming a major player in the world of crypto and blockchain. TAFE Queensland, in partnership with Blockchain Collective, for example, has become the first Australian tertiary institution to offer a registered Diploma of Applied Blockchain.

Australia is also at the forefront of becoming a crypto-friendly country as politicians advocate for better regulations to attract new investors and create more job opportunities for Australians.

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Binance Crypto News Education Gemini Jobs

Crypto Recruitment Shortage: Exchanges are Competing with Banks For Top Talent

If you’ve ever thought of working in crypto, now is the time to reskill and get hired. The crypto industry is growing at such a rapid pace it can’t keep up with the demand for new employees to fill hundreds of open positions.

There are employment opportunities everywhere right now in crypto, with the world’s biggest exchanges posting new positions daily.

“We are hiring aggressively,” Binance CEO Changpeng “CZ” Zhao said by email this week.

We see the industry growing exponentially on a year-to-year basis, and we need to scale our team to cope with it. We are a geo-equal-opportunity employer. We don’t mind where people are, as long as they produce results.

CZ, Binance CEO

Binance Has 800 Positions Up For Grabs

Binance is the biggest exchange and currently has over 800 positions advertised worldwide through its LinkedIn employment portal. Winklevoss twins-led Gemini plans to expand its Singapore team from 30 to 50 by December. Hong Kong-based Crypto.com currently lists more than 200 openings, more than half of them based in Asia.

According to Neil Dundon, founder of recruitment agency Crypto Recruit, curiosity regarding jobs in crypto has expanded about five to 10 times in the past nine months. Despite that popular interest, however, finding candidates with relevant experience is proving difficult, resulting in some companies being forced to lower their expectations.

A single job posting can attract hundreds of applicants. In terms of length of experience, one or two years is good enough these days. The skills shortage is so bad at the moment that companies are casting a wider net.

Neil Dundon, Crypto Recruit

Just as the best NFL or EPL football players are snapped up by teams with the deepest pockets, highly skilled crypto candidates are being poached by the banks with the biggest wallets: Goldman Sachs, Morgan Stanley and Citigroup are now offering crypto and trading services to their clients and have scouted top talent to fill these positions.

While investment banks are recruiting the best in the business to come and work for them, smaller companies are having a hard time competing, finding it difficult to source people with crypto experience.

Gemini Job Benefits Include Unlimited Vacation Leave and a Profit-Sharing Program

To sweeten the deal and entice the best employees, Gemini’s APAC managing director Jeremy Ng said the company is considering offering benefits including unlimited vacation leave and a profit-sharing program to attract talent globally.

Even big tech companies such as Facebook and online retail giant Amazon have big plans to expand into crypto. While Facebook works on its Diem token (formerly known as Libra), Amazon recently posted a blockchain job listing for a Head of Product.

The long and the short of it:

  • There are hundreds of new jobs in crypto being listed every day
  • There are not enough job candidates with crypto credentials to meet the demand for these positions
  • Big banks are scooping up all the top talent for themselves
  • Crypto exchange Gemini is sweetening the deal by offering unlimited vacation leave and a profit-sharing program to attract talent globally
  • Roles for developers and customer support are areas of high demand.

Blockchain Collective, an educational body for blockchain learning, plans to meet the high demand for crypto job candidates by partnering with TAFE Queensland to offer an advanced diploma in Applied Blockchain.

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Australia Crypto News Jobs

Blockchain, Crypto, IT Jobs in Demand as Gov Directs $800 million Toward Digital Tech

Demand for skilled IT workers in the blockchain, crypto, and tech sectors has increased dramatically ahead of the Australian Government’s commitment to direct $800 million toward digital technologies as part of a detailed coronavirus economy recovery plan.

The Federal Government announced the new tech spending initiative earlier this month, highlighting the importance of helping Australian businesses recover from the economic impact of the Coronavirus pandemic. 

Data published by the Australian Computer Society indicates that Seek, one of Australia’s most popular online job platforms, has revealed a four percent month-to-month increase in the number of tech and ICT jobs advertised. Developers, business analysts, and helpdesk works are the most in demand.

Statements released to ACS by Melbourne-based crypto exchange BTC markets demonstrate that the Australian blockchain and cryptocurrency ecosystem is thriving, with crypto ventures taking on new staff rapidly. Speaking to ACS Information Age, BTC Markets CEO Caroline Bower noted that the Australian crypto exchange’s team had expanded dramatically.

“We’ve directly hired four software engineers plus a project manager for our development team during COVID lockdown. We’re still looking to make additional hires”

Morrison Government Directs Millions Toward Blockchain Development 

The Australian Government’s investment in the tech sector is set to be established in the 2020 budget, with the Morrison Administration setting aside over $256 million for a digital identity solution designed to streamline interaction with Australian Government services.

The quarter-billion dollar initiative is closely linked to recent recruitment executed by the Australian Government for the new blockchain roadmap, which has seen two working groups developed in order to develop blockchain-based solutions for credentialing and identity management in the public sector. 

In addition to the large-scale identity management project, the new budget will set aside $6.9 million specifically for blockchain projects aimed at minimizing business compliance costs.

Government announcements regarding the budget have highlighted economic recovery through technological agility, focusing on minimizing administrative friction. 

“The Plan supports Australia’s economic recovery by removing out-dated regulatory barriers, boosting the capability of small businesses and backs the uptake of technology across the economy”

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Australia Blockchain Jobs

Aussie Uni Students Studying Blockchain Tech to COVID-Proof Careers

Demand for blockchain-skilled workers has skyrocketed in Australia over the last four years, resulting in a new surge of blockchain-savvy Australian university students ready to take the lead in Australia’s new blockchain economy. 

Blockchain industry jobs have exploded in the Australian tech economy. Data published by CSIRO’s Data61 digital specialist arm reveals over 200 percent year-on-year growth in the demand for blockchain skills in Australia. 

Over 50 percent of Aussie blockchain jobs demand expertise in the integration of blockchain technology into enterprise organizations. New university programs, such as the Master of Blockchain Enabled Business at the Royal Melbourne Institute of Technology (RMIT), focus on arming the next generation of Australian tech workers with the skills needed to incorporate decentralized technology into business applications. 

Australian Blockchain Industry Demands Skilled Workers

Data published by Data61 in partnership with Burning Glass technologies indicates that blockchain related job opportunities are growing at an exponential rate in Australia, with the most demand originating from industries such as systems design, higher education, accounting services, software publishing, and banking.

Australia is one of the fastest-moving countries internationally for blockchain technology adoption, with the Australian Government recently publishing a Blockchain Roadmap that will see the country become a leader in decentralization within the next decade.

Australian university students that study blockchain technology are presented with a wide range of opportunities — Data61 studies demonstrate that every Australian blockchain developer is provided with over 14 job openings on average, revealing a severe skill shortage. 

Aussie Blockchain Devs Cash in on Rare Skills

The lack of blockchain-skilled workers in the Australian digital economy provides blockchain developers with a significant financial advantage. Aussie blockchain developers earn an average of $100,000 per year, compared to the $69,000 average Australian software developer salary. 

By equipping themselves with the skills needed to succeed in the new digital post-COVID economy, Australian students that study blockchain technology are positioned to capitalize on a growing job marketplace in which their skills are in high demand.