Fallen Crypto Faithful Seek Refuge in TradFi
The cooling crypto atmosphere and the subsequent downturn in trading has had a domino effect for people who work in the sector. In the wake of plummeting prices, a flurry of crypto firms reduced their numbers with significant layoffs. Coinbase announced an 18% reduction of it’s workforce, BlockFi cut their headcount by 20% and Crypto.com by 5%. So, what happens to these former crypto employees? An increasing number of them are getting snatched up by traditional financial firms or Trad-Fi. The skills that these talented engineers and developers have accumulated is now very much in demand with Trad-Fi firms, who want to explore the crypto space and experiment with blockchain technologies. Bloomberg reporters Will Shaw and Aisha Gani join this episode to explore why Trad-Fi institutions are swooping in for laid off De-Fi experts. See omnystudio.com/listener for privacy information.