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 episodeto explore why Trad-Fi institutions are swooping in for laid off De-Fi experts. 

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 <a href="https://www.bloomberg.com/news/articles/2022-06-14/coinbase-to-lay-off-18-of-workers-as-crypto-downturn-worsens"> 18% </a>reduction of it’s workforce, BlockFi cut their <a href="https://www.bloomberg.com/news/articles/2022-06-13/blockfi-crypto-com-slash-jobs-as-market-meltdown-worries-swirl">headcount by 20% </a>and <a href="https://www.bloomberg.com/news/articles/2022-06-13/blockfi-crypto-com-slash-jobs-as-market-meltdown-worries-swirl">Crypto.com by 5%</a>. 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 <a href="https://www.bloomberg.com/authors/AUFfT0BsCkQ/william-shaw">Will Shaw</a> and <a href="https://www.bloomberg.com/authors/AVojr77X9f0/aisha-s-gani">Aisha Gani</a> join this episode to explore why Trad-Fi institutions are swooping in for laid off De-Fi experts.

In this daily podcast, Bloomberg’s reporting team teases out what’s actually important in the crypto conversation. Led by crypto editor stacy-marie ishmael, the show draws on reporters and editors around the world and credible voices from across the industry. Episodes cover everything from regulation to NFTs to DeFi to the environmental considerations surrounding an asset class shaping the future of finance.

In this daily podcast, Bloomberg’s reporting team teases out what’s actually important in the crypto conversation. Led by crypto editor stacy-marie ishmael, the show draws on reporters and editors around the world and credible voices from across the industry. Episodes cover everything from regulation to NFTs to DeFi to the environmental considerations surrounding an asset class shaping the future of finance.

Bloomberg Crypto

Digital tokens like Bitcoin and NFTs have moved from niche products to showing up in Super Bowl commercials and song lyrics. Advocates of these new asset classes promise they will democratize the finance industry, and they hail the blockchain technology that backs it all as the future of computing. Skeptics say it's another financial house of cards. Bloomberg journalists will help cut through all the noise and provide clarity, context and authority.

In this daily podcast, Bloomberg’s reporting team teases out what’s actually important in the crypto conversation. Led by crypto editor stacy-marie ishmael, the show draws on reporters and editors around the world and credible voices from across the industry. Episodes cover everything from regulation to NFTs to DeFi to the environmental considerations surrounding an asset class shaping the future of finance.

Digital tokens like Bitcoin and NFTs have moved from niche products to showing up in Super Bowl commercials and song lyrics. Advocates of these new asset classes promise they will democratize the finance industry, and they hail the blockchain technology that backs it all as the future of computing. Skeptics say it's another financial house of cards. Bloomberg journalists will help cut through all the noise and provide clarity, context and authority. In this daily podcast, Bloomberg’s reporting team teases out what’s actually important in the crypto conversation. Led by crypto editor stacy-marie ishmael, the show draws on reporters and editors around the world and credible voices from across the industry. Episodes cover everything from regulation to NFTs to DeFi to the environmental considerations surrounding an asset class shaping the future of finance.

Fallen Crypto Faithful Seek Refuge in TradFi

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/7cc8f406-59bd-4b47-a597-af27016422a1/transcript

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