Tech talent migrates to Web3 as large companies face layoffs

Web3 companies continue to hire amidst a bull market as tech giants undergo layoffs and hiring freezes, reports CointTelegraph.

As inflation continues to grow, coupled with a looming recession, many tech firms are having to cut portions of their staff. To put this in perspective, data from found that more than 700 tech start-ups have experienced layoffs this year, impacting at least 93,519 employees globally. It has also been reported that tech giants such as Google, Netflix and Apple are undergoing massive job cuts.

While many of these layoffs are likely due to an economic downturn, this has resulted in an overwhelming amount of talent flocking to early-stage Web3 companies. For example, Andrew Masanto, a serial entrepreneur who has founded a number of start-ups, speaking to Cointelegraph said he recently launched Nillion, a start-up specialising in decentralised computation, to help ensure privacy and confidentiality for Web3 platforms.

Although Nillion is still in its early stages, the technological innovation behind the company has already proven to be appealing. Since the company’s inception in October this year, leading talent from companies like Nike, Indiegogo and Coinbase have joined the growing start-up.

For instance, Slava Rubin, founder of the crowdfunding website Indiegogo, told Cointelegraph that he had recently joined Nillion as the company’s chief business officer based on the opportunity to join a start-up with an innovative business model.

“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,” he said.

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