Contents<\/p>\n
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- Monthly number of new crypto start-ups loses 98% since January 2022, job listings also plunged<\/a><\/li>\n
- Is this really a big deal?<\/a><\/li>\n<\/ul>\n<\/div>\n
While another wave of regulatory attacks on crypto stole the headlines of all media, Fortune Crypto releases a research on business development, HR and fundraising challenges Web3 is going through in 2023.<\/p>\n
Monthly number of new crypto start-ups loses 98% since January 2022, job listings also plunged<\/h2>\n
Major US financial hubs, including Las Vegas, Los Angeles and Boston, registered an over 50% drop in crypto job listings since the peak in 2022. Las Vegas is the worst sufferer as it lost over 80% of its open positions for Web3 professionals.<\/p>\n
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JUST IN: The number of new monthly crypto startups has fallen off a cliff, down 98% since early 2022 pic.twitter.com\/6rEDkkvNzG<\/a><\/p>\n
\u2014 Milk Road (@MilkRoadDaily) July 7, 2023<\/a><\/p><\/blockquote>\n
But another trend looks even more dramatic: The monthly number of new cryptocurrency start-ups dropped to levels unseen since 2012 as a result of a 98% drop in the last year and a half.<\/p>\n
Such observations were made by the Milk Road newsletter’s team, which studied the Collapse of the Crypto Bubble <\/em>reports<\/a> by Fortune Crypto’s Leo Schwartz.<\/p>\n
In the last five years, the metrics of new start-ups opened monthly registered two peaks: In early 2018, over 120 firms were opened in the US to drive forward the crypto sphere, while in early 2022 this indicator peaked at 80 openings per month. .<\/p>\n
At the same time, the effects of the ongoing collapse affected various US regions differently. For instance, in Washington DC, the number of job listings witnessed only a pale 5% drop. For New York, a 36% reduction was registered.<\/p>\n
Is this really a big deal?<\/h2>\n
As reported by U.Today previously, some cryptocurrency heavyweights in the US continued hiring officers of various segments even amid the most painful bearish season phase in Q4, 2022.<\/p>\n
At the same time, the largest US-based exchange Coinbase even rescinded<\/a> Job offers for people that were ready to start working. For some of them, this resulted in an F-1 USA visa being discarded.<\/p>\n
Some commentators are sure that the effects of both the aforementioned metrics should not be overestimated. Alexei Zamiatin, the founder of Bitcoin DeFi startup Interlay, tensions<\/a> that the current recession helps the segment filter out “tourists”:<\/p>\n
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It’s no longer easy money and only the determined ones are sticking around to deliver<\/p>\n<\/blockquote>\n
This recession was also marked by a notable layoff campaign: In February, Polygon Labs cut<\/a> its workforce count by 20%.<\/p>\n<\/div>\n
- Is this really a big deal?<\/a><\/li>\n<\/ul>\n<\/div>\n