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UK Jobs Drop 24%, But These Crypto Companies Are Still Hiring

3 mins
Updated by Michael Washburn
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In Brief

  • The United Kingdom's job market sees a sharp decline, causing concerns about a possible recession.
  • In contrast, the crypto sector shows robust hiring trends, offering hope amidst economic challenges.
  • Broader economic indicators highlight potential slowdowns, but pockets of growth exist in certain sectors.
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Despite an unsettling downturn in the United Kingdom’s job market, hope emerges from an unexpected quarter. As traditional employment avenues show signs of waning, the crypto industry is bustling with opportunities and innovation.

While the broader economy wades through challenges, crypto companies actively recruit, signaling a pivotal shift in the UK’s employment market.

UK Job Market Is in Trouble

The UK job market is exhibiting troubling signs. Reed Recruitment reported a 24.40% decline in advertised positions over the past three months compared to the previous year. Notably, this figure is also 26.60% lower than the pre-pandemic era in 2019.

Such a significant drop-off is causing fears of an imminent recession, especially as jobs have steadily decreased over the last year.

crypto companies hiring, jobs uk
UK Jobs Statistics. Source: Reed

While the larger economy seems precariously positioned, certain sectors like crypto are resilient. Several prominent companies continue to hire even amidst the general economic gloom.

Read more: How to Get a Job in Crypto Sector

The disparity between the general employment market and the crypto industry is stark. Coastal towns like Gateshead, Southend-on-Sea, and Sunderland are experiencing severe dips in job opportunities, amplifying the existing inequalities.

Such trends could blow Prime Minister Rishi Sunak’s ambition of achieving a more balanced development across the nation, especially ahead of the anticipated general elections next year.

“I look forward to hearing first-hand from business leaders about how we can break down the barriers they face and unlock new opportunities for them to thrive,” said Sunak.

Crypto Companies Are Hiring

Amid this bleak landscape, the crypto sector is a beacon of hope. As seen in BeInCrypto’s Crypto Jobs in Web3, Ripple, for instance, is on the hunt for an Executive Assistant based in London.

Meanwhile, MoonPay is actively seeking a Senior Growth Analyst to work remotely to optimize the revenue opportunities from partner integrations.

On the other hand, Robinhood is scouting for a Content Designer to enhance its user experiences and product offerings. Consensys desires a Senior Mobile Engineer focused on bolstering Web3 technologies.

Though very far from a pure crypto player, eBay is entering the digital arena and requires a Content Executive to propel its digital marketing initiatives.

To find more job opportunities in the cryptocurrency industry click here!

It is not just these brands. Others, like Ledger and Coinbase’s Base brand, are also on a hiring spree, searching for roles such as Product Designer Lead and Associate Creative Director, respectively.

“If you’ve shipped a popular open source library, built a large online following, won a math/eng/gaming competition, were part of a special forces unit, or built something awesome, say hello,” said Brian Armstrong, CEO at Coinbase.

So, what is the takeaway from this contrast? Even as traditional job avenues recede, the crypto sector emerges as a promising frontier, offering lucrative and innovative opportunities for those willing to dive into this relatively new domain.

Read more: Top 13 Highest Paying Web3 Jobs

The crypto revolution, led by these crypto giants, reshapes the financial landscape and alters the employment dynamics in the UK and the world.

Economic Index Shows Red Flags

While the crypto market offers a silver lining, broader economic indicators cannot be ignored. Data from Reed Recruitment suggests an impending slowdown, sharper than just a “cooling off” period.

This reality is not lost on the powers that be, with figures like the former United States Treasury Secretary Larry Summers echoing concerns about a looming recession in the UK.

“[I will be] very surprised if two more years passed without the UK entering into recession. It’s going to be very difficult to eliminate that entrenched inflation without a significant slowdown in the economy,” said Summers.

Despite the decline, the job market has pockets of hope, such as the education and energy sectors. But the standout performer is the cryptocurrency market.

As the traditional job market navigates turbulence, the crypto industry stands out, continuing to recruit and grow.

To the keen observer, this scenario emphasizes a clear shift. As the old guard grapples with unprecedented challenges, the new digital age, led by crypto, ushers in opportunities and innovations, redefining the future of work in the UK.

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Bary Rahma
Bary Rahma is a senior journalist at BeInCrypto, where she covers a broad spectrum of topics including crypto exchange-traded funds (ETFs), artificial intelligence (AI), tokenization of real-world assets (RWA), and the altcoin market. Prior to this, she was a content writer for Binance, producing in-depth research reports on cryptocurrency trends, market analysis, decentralized finance (DeFi), digital asset regulations, blockchain, initial coin offerings (ICOs), and tokenomics. Bary also...