The cooling crypto market has had a domino effect for people who work in the sector. In the wake of plummeting digital currency prices, a flurry of crypto firms have reduced their headcount. Coinbase Global Inc. announced an 18% reduction of its workforce, BlockFi Inc. cut their staff by 20% and Crypto.com by 5%. So, what happens to employees in decentralized finance, or DeFi, who are laid off?
An increasing number of them are getting snatched up by traditional financial firms, or TradFi. The skills that these engineers and software developers have accumulated are now very much in demand with TradFi firms that want to explore the crypto space and experiment with blockchain technologies.
Bloomberg reporters Will Shaw and Aisha Gani join this episode to explore why TradFi institutions are scooping up DeFi experts.
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