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Dow Jones Has A Blockchain-Based Product For Fighting Fraud And Staying Compliant

Dow Jones Has A Blockchain-Based Product For Fighting Fraud And Staying Compliant

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EastNets and Dow Jones Risk & Compliance have rolled out a blockchain-based feed of sanctions alerts based on a private blockchain network.

Dow Jones Risk & Compliance has teamed up with a company called EastNets to build a real-time blockchain-based watchlist feed. This watchlist identifies high-risk third parties for business deals and helps maintain a business’s regulatory compliance. This blockchain-based product currently lets users solve problems associated with manually updating these watchlists and protecting data from cyber criminals.

Deya Innab, chief strategy and product officer for EastNets, said:

“Designing and testing a suitable solution was challenging, but we are delighted to lead the industry with a real-time, secure watchlist update solution that is actively used by leading institutions that now meet their compliance obligations every minute of the day.”

Although the announcement did not reveal which institutions already use this blockchain-based watchlist, Dow Jones’s risk management and compliance arm has already gained traction among major companies like Deutsche Bank, Barron’s, and The Wall Street Journal.

Blockchain adoption is growing

More and more traditional businesses are deriving value from blockchain technology. For instance, digital payment giant, PayPal, is hiring an Anti-Money-Laundering and Blockchain Strategy director for their Global Financial Crimes division. The person in this role will evaluate blockchain’s usefulness in the prevention of financial crimes.

The European Commission is offering grants to blockchain developers and other specialists for solutions that adapt technologies from civil to defense applications. The use of blockchain can purportedly allow for the use of tamper-proof cryptographic tags that validate the provenance, state, and ownership of products or objects.

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Crypto job market holding up despite tech industry cutbacks

Crypto-specialist recruiters say they have not witnessed a downturn in crypto-related job opportunities, despite a myriad of staff lay-offs in the wider…

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Crypto-specialist recruiters say they have not witnessed a downturn in crypto-related job opportunities, despite a myriad of staff lay-offs in the wider tech industry.

The crypto job market shows few signs of slowing down despite high-profile cases of staff layoffs and hiring freezes across big tech companies. 

In recent weeks, several major tech companies have announced a paring back of staff, citing a downturn in the traditional market and narrowing demand for products that had boomed during the pandemic. Recently announced hiring cuts include Twitter, Uber, Amazon and Robinhood.

On Tuesday, movie streaming service Netflix terminated the roles of 150 mostly United States-based employees amid a slowdown in revenue growth. Earlier this month, Facebook parent company Meta instituted a hiring freeze for most of its mid- and senior-level positions after failing to meet revenue targets.

A Netflix employee post on LinkedIn

The crypto industry has not been totally immune. On Tuesday, Coinbase announced it was slowing down its hiring, after posting a $430 million loss in Q1. Coinbase chief operating officer Emelie Choi told employees in an internal memo that plans to triple the headcount in 2022 were on hold due to market conditions that require the company to start “slow hiring and reassess our headcount needs against our highest-priority business goals.” 

So, are we at the beginning of a major slow down in crypto industry hiring? Crypto recruiters Cointelegraph spoke to don’t think so.

“We have not seen a slowdown in crypto hiring. We are as busy as ever,” said Neil Dundon, founder of Crypto Recruit.

Dundon’s firm specializes in recruiting exclusively within the blockchain and cryptocurrency space:

“We have a team based globally across the US, Asia/Pac and European regions and demand is equally as high across the region.”

Kevin Gibson, founder of Proof of Search, told Cointelegraph that lay-offs in the tech sector have had little to no impact on his crypto industry clients so far. 

“I’ve only heard of two companies letting people go,” said Gibson. “This may change in the next month, but any slack will immediately be taken up by well-funded quality projects. As a candidate, you won’t notice any difference. if you do lose your job, you will also have multiple offers pretty quickly.”

VC funding runways

Gibson said that most crypto projects are still in the startup and early stages of their life cycle, and are still operating off venture capital (VC) funding secured last year:

“The vast majority of quality projects were funded last year, so they will continue to build and hire. There was such an imbalance of talent to role that any pull back from pre-funded projects will not be noticed.”

CB Insights’ “State of Blockchain Q1 22” report stated that blockchain and crypto start-ups saw a record-breaking funding quarter, with venture funding reaching an all-time high in the three-month period, raising $9.2 billion and beating the preceding quarter of $8.8 billion in Q4 2021. It was the seventh-consecutive quarter of record blockchain funding.

Dundon said he has seen more traditional tech companies and employees venturing into the crypto space, further enriching the crypto job market:

“At a minimum, most forward thinking tech companies are allocating some budget to look at how they might incorporate blockchain into their existing models. Not only are more companies venturing into this space but candidates are flocking over as traditional tech downsizes.”

A study from LinkedIn released in January this year found that crypto-related job postings surged 395 percent in the U.S. from 2020 to 2021, compared to only a 98 percent increase in the tech industry in the same period. The most common job titles demanded included blockchain developers and engineers.

According to Glassdoor, the average annual blockchain developer salary is $109,766. The average annual blockchain engineer salary sits slightly lower at $105,180.

Related: Analysts note parallels with March 2020: Will this time be different?

When asked whether the current crypto bear market may translate to more crypto company lay-offs, Dundon said that he doesn’t expect a similar situation to play out as it did in 2018.

“Crypto hiring in the past has tended to slow right down when the Bitcoin price tumbles. It was almost directly correlated to its price,” explained Dundon:

“This time, it’s different, though, as crypto companies now manage their treasuries in a much more responsible manner. This all translates to a much more stable hiring market.”

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Crypto jobs market holding up despite tech industry cutbacks

Crypto-specialist recruiters say they have not witnessed a downturn in crypto-related job opportunities, despite a myriad of staff lay-offs in the wider…

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Crypto-specialist recruiters say they have not witnessed a downturn in crypto-related job opportunities, despite a myriad of staff lay-offs in the wider tech industry.

The crypto job market shows few signs of slowing down despite high profile cases of staff layoffs and hiring freezes across big tech companies. 

In recent weeks, several major tech companies have announced a paring back of staff, citing a downturn in the traditional market and narrowing demand for products that had boomed during the pandemic. Recently announced hiring cuts include Twitter, Uber, Amazon and Robinhood.

On Tuesday, movie streaming service Netflix terminated the roles of 150 mostly U.S.-based employees, amidst a slowdown in revenue growth. Earlier this month, Facebook parent company Meta instituted a hiring freeze for most of its mid and senior level positions after failing to meet revenue targets.

A Netflix employee post on LinkedIn

The crypto industry has not been totally immune. On Tuesday Coinbase announced it was slowing down its hiring, after posting a $430 million loss in Q1. Coinbase chief operating officer Emelie Choi told employees in an internal memo that plans to triple the headcount in 2022 were on hold due to market conditions that require the company to “slow hiring and reassess our headcount needs against our highest-priority business goals.” 

So are we at the beginning of a major slow down in crypto industry hiring? Crypto recruiters Cointelegraph spoke to don’t think so.

“We have not seen a slowdown in crypto hiring. We are as busy as ever,” said Neil Dundon, founder of Crypto Recruit..

Dundon’s firm specializes in recruiting exclusively within the blockchain and cryptocurrency space.

“We have a team based globally across the US, Asia/Pac and European regions and demand is equally as high across the region.”

Kevin Gibson, founder of Proof of Search told Cointelegraph that lay-offs in the tech sector have had little to no impact on his crypto industry clients so far. 

“[I’ve] only heard of two companies letting people go,” said Gibson. “This may change in the next month but any slack will immediately be taken up by well funded quality projects. As such as a candidate you won’t notice any difference… if you do lose your job you will also have multiple offers pretty quickly.”

VC funding runways

Gibson said that most crypto projects are still in the start-up and early stages of their life cycle, and are still operating off venture capital (VC) funding secured last year.

“The vast majority of quality projects were funded last year so [they will] continue to build & hire. There was such an imbalance of talent to role that any pull back from pre-funded projects will not be noticed.”

CB Insights’ State of Blockchain Q1 22 report stated that blockchain and crypto start-ups saw a record-breaking funding quarter, with venture funding reaching an all time high in the three-month period, raising $9.2 billion and beating the preceding quarter of $400 million in Q4 2021. It was the seventh consecutive quarter of record blockchain funding.

Dundon said he has seen more traditional tech companies and employees venturing into the crypto space, further enriching the crypto job market.

“At a minimum most forward thinking tech companies are allocating some budget to […] look at how they might incorporate blockchain into their existing models […] Not only are more companies venturing into this space but candidates are flocking over as traditional tech downsizes.”

A study from Linkedin released in January this year found that crypto-related job postings surged 395 percent in the U.S. from 2020 to 2021, compared to only a 98 percent increase in the tech industry in the same period. The most common job titles demanded included blockchain developers and engineers.

According to Glassdoor, the average annual blockchain developer salary is US$109,766. The average annual blockchain engineer salary sits slightly lower at US$105,180.

Related: Analysts note parallels with March 2020: Will this time be different?

Asked whether the current crypto bear market may translate to more crypto company lay-offs, Dundon said that he doesn’t expect a similar situation to play out as it did in 2018.

“Crypto hiring in the past has tended to slow right down when the Bitcoin price tumbles. It was almost directly correlated to its price,” explained Dundon.

“This time it’s different though as crypto companies now manage their treasuries in a much more responsible manner […] This all translates to a much more stable hiring market.”

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Candidate supported by Bankman-Fried-linked PAC loses Oregon primary

Record spending in a Democratic House primary could not give a political newcomer the boost he needed to overcome a local politician with a long career….

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Record spending in a Democratic House primary could not give a political newcomer the boost he needed to overcome a local politician with a long career.

Andrea Salinas has won the Democratic primary election for the newly created Oregon 6th District seat in the United States House of Representatives. Practically since it started, the election race was the object of intensive media attention that most often centered around Salinas’ opponent Carrick Flynn, whose campaign was generously funded by the Protect Our Future political action committee (PAC) backed by billionaire FTX CEO Sam Bankman-Fried. The PAC paid for a flood of advertising supporting Flynn. 

Salinas won the seat with 38% of the vote, while Flynn came in second at 19%, with the remaining votes split among seven other candidates.

Salinas had a solid political background, serving three terms representing Portland’s upscale Lake Oswego suburb in the state House of Representatives. Before that, she was a legislative aide in Washington and worked for an Oregon environmental group. Flynn, an Oregon native who left the state after he graduated from college in 2008 and returned in 2020, was lifted from obscurity through the support of the PAC.

Flynn was also the recipient of $1 million in support from the House Majority PAC, which is closely associated with House speaker Nancy Pelosi. Sen. Elizabeth Warren countered that move by endorsing Salinas. Flynn appeared to be a serious contender in a poll released May 7. Protect Our Future changed its advertising tactics a few days after that, shifting from ads predominantly featuring Flynn’s difficult rural childhood to attack ads on Salinas, accusing her of being under the sway of the pharmaceuticals industry.

Protect Our Future’s stated goal is “to help elect candidates who take a long term view on policy planning […] guided by a series of key principles” that include pandemic prevention and a belief in science. These themes echo a philosophical trend called effective altruism, which both Flynn and Bankman-Fried are known to admire. Estimates of the amount spent by Protect Our Future on Flynn’s campaign are in the range of $8 million to $10 million.

“This is, by all accounts, about three times higher than any other Super PAC efforts in any congressional primaries in the country,” Jim Moore, director of political outreach at the McCall Center for Civic Engagement, told Cointelegraph in an email:

“The ads bought Flynn name recognition, but not victory. They created a backlash among the other candidates and apparently a number of voters about outside money trying to buy a congressional seat.”

Flynn’s election opponents formed a united front in condemning him, and local media made much of Flynn’s loose ties to the state, his spotty voting record and the possibly questionable motives of the PAC backing him. The controversy soon attracted national coverage as well.

“Flynn’s political future in Oregon will depend on whether he becomes an active player in state or local political efforts,” Moore said. “If not, he will end up being a trivia question about the time a cryptocurrency billionaire and the House Majority PAC tried to snatch Oregon’s new district for reasons that were never made clear in the campaign.”

Related: Coinbase forms a second PAC to support crypto-friendly candidates

Protect Our Future’s abundant financial support has proven to be controversial in other election races as well. The PAC’s donations were used in ads by an opponent of Jasmine Crockett in Texas District 30. Crockett has received about $1 million from the PAC. Protect Our Future is also among the PACs choosing between Democratic candidates Carolyn Bourdeaux and Lucy McBath in the contentious battle for Georgia’s 7th District.

Flynn, Andreas and Protect Our Future president Michael Sadowsky have not responded to Cointelegraph's requests for comment at time of publication.

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