Recent Crypto Hires Confirm Industry Growth Continues Regardless Of Market Prices
The first half of 2022 has not been kind to most cryptocurrencies. All assets lost significant value, and the markets still search for stable support levels. Despite that market pressure, various companies are hiring and expanding their presence, as the building never stops in this industry.
H1 2022 Was Pretty Bearish
Despite a stellar start to 2021, the crypto markets haven't been able to sustain their upward momentum. That isn't entirely surprising, as assets like bitcoin and ether set sky-high new all-time highs last year. Bitcoin surpassed $69,000 per BTC, and ether went well above $4,000. Unfortunately, things look a fair bit bleaker today, with these assets trading near $21,000 and $1,400, respectively.
Moreover, the crypto industry has seen other setbacks to consider. There is the implosion of Three Arrows Capital, the collapse of Terra and the UST stablecoin, etc. It has not been a good first half of 2022 for this industry, but crypto wouldn't be crypto if it weren't very resilient. Bitcoin has been declared dead several dozen times and it is still around - and perhaps even stronger than ever before.
In the cryptocurrency industry, market prices are only one puzzle piece. It is crucial to see the bigger picture, regardless of which assets may gain or lose value. As several industry heavyweights keep repeating: "a bear market is a good time as any to build and build". Volatile price swings are nothing new in this industry and will reoccur every so often. However, cryptocurrency's real value lies not with the speculative value of assets but in the developed infrastructure and services.
Interestingly, many companies remain undeterred by the market developments. Although some companies had to lay off employees or cut back on hiring, others are doubling down on their efforts. There is never a dull day in the crypto world, and nothing is as black-and-white as some might make it seem.
Hiring For Key Positions
Companies and projects that envision a bright future will only succeed if they put together the optimal team for the job. Entities like Trust Machines, BCB Group, and Binance.US acknowledge now is the time to push the pedal to the metal and find the right people for the job. These hirings confirm that the crypto industry is still growing and offer a glimpse into the future.
One popular concept in crypto circles is decentralized finance, or DeFi. It is not something that exists for bitcoin users, although that will change. Trust Machines hired Dan Held - former growth director at Kraken - to build DeFi applications on top of Bitcoin. Held is a known Bitcoin maximalist, as he cares deeply about the technology and its opportunities. Focusing on Bitcoin DeFi will bring more developers to the ecosystem, either via Trust Machines or other projects.
Another key hire comes through crypto payments firm BCB Group. It isn't uncommon to see crypto firms hire talent from TradFi companies and projects. Former chief banking officer Noah Sharp has joined the BCB Group ranks as Deputy CEO to help the company achieve its international growth. Sharp's extensive expertise in banking and payments, combined with BCB Group's recent acquisitions, pave the way for broader international accessibility to crypto payments.
Last but not least, Binance.US has a new CFO in Jasmine Lee. She will replace interim CFO Eric Segal, who will pursue other ventures. Binance.US intends to thrive further despite the bearish market conditions. Lee built up plenty of experience working for PayPal Holdings Inc as CFO and COO for the consumer product group and CFO and COO at Acorns Grow. An experienced chief financial officer can help Binance.US achieve future growth in key areas and solidify the upcoming IPO plans.
The Building Continues
Overarching market conditions seem to oppose the idea of crypto firms hiring more employees, yet the opposite has come true. The industry is still in the building phase, and several companies want to use this "downtime" to solidify the infrastructure capable of taking the industry into the mainstream.
These key hires confirm the puzzle pieces are slowly falling in place and pave the way for a future in which cryptocurrencies play an even bigger role of importance.