Unemployed workers of crypto companies moving toward the Web3 sector

The early-stage Web3 start-ups are easily getting talents from the high-tech crypto & non-crypto sectors because of the ongoing economic downturn.

Web3 is a next-level concept of the Internet world, which has numerous abilities to change the experience for the internet users in the internet world through many features like the privacy of data, independence to customize the internet world as per personal requirement & also ease to handle every kind of internet activities without any need of the authority of centralized body. However the actual definition of Web3 is not known but still, many crypto & blockchain Devs are working on Web3-based development works, to bring a better level of privacy to internet users for all kinds of activities including the use of financial services.

Data reports from Layoffs.fyi revealed that more than 700 tech startups reduced their work staff, to maintain their financial situation in the ongoing economic downturn under the high inflation environment.

Approximately 93,519 employees experienced a negative impact because of the cut-off of staff from such tech companies. These high-tech companies are Coinbase, Gemini & many more. Reportedly Google, Netflix, and Apple are also planning to reduce the workforce by a significant percentage. 

On 31 October, A popular crypto news website Cointelegraph reported that Web3-focused startups saw a huge inflow of talent this year because of the downfall in the Global financial ecosystem & laying off of employees of the companies. 

Andrew Monsanto, the founder of many tech companies, recently launched Nillion, which is specializing in decentralized computation, to ensure privacy and confidentiality for Web3 platforms. 

Monsanto said that Nillion is in its initial phase but still tapped huge numbers of talents. In particular, the company secured former employees from Nike, Indiegogo and Coinbase, etc. 

Slava Rubin, the founder of the crowdfunding website Indiegogo, said that he joined Nillion as a chief business officer. 

“The tech behind Nillion is massively innovative, as it focuses on advancing secure multiparty computation (MPC). MPC is known for being slow and unable to work for certain use cases. The risk of failure doesn’t concern me here since it’s such a huge opportunity to solve this problem,” Rubin said

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