Tech expertise migrates to Web3 when huge corporations undergo layoffs

In the middle of a bull market, Web3 startups continue to employ as big giants suffer layoffs and hiring freezes.

As prices rise and a recession approaches, many IT companies are forced to lay off employees. According to statistics collected by, over 700 IT businesses have undergone layoffs this year, affecting at least 93,519 people worldwide. According to reports, digital companies such as Google, Netflix, and Apple are suffering enormous layoffs.

While many of these layoffs are undoubtedly attributable to the economic crisis, this has resulted in a massive influx of talent into Web3 startups. For instance, Andrew Masanto, a serial entrepreneur who has started many firms, told Cointelegraph that he had just launched Nillion, a company focusing on decentralized computing, to assist Web3 platforms in maintaining privacy and secrecy.

Even though Nillion is still in its infancy, the company’s technical innovation has already shown to be popular. 

“Nillion’s technology is really creative since it focuses on creating safe multiparty computing” (MPC). MPC is notoriously sluggish and incompatible with some use cases. “I am unconcerned about the possibility of failure since this is such a tremendous chance to fix this issue,” he remarked.

Lindsay Danas Cohen intrigued Nillion by the idea of using technology to enhance MPC. 

Cohen noted in a recent blog post that she left Coinbase to join Nillion owing to the ability to assist promote privacy and data sharing via MPC, despite Coinbase’s June announcement of an 18% employee reduction. She wrote, “This would be a real zero-to-one invention.”

Also Read: Vitalik Buterin Of Ethereum Believes Twitter’s Headquarters Should Be Relocated To Switzerland

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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