30s Summary

Increased unrest in Israel is posing challenges for the blockchain industry, as it struggles with recruitment due to growing emigration out of the country. Many are concerned this could lead to a “brain drain” affecting critical sectors. Despite this, industry operators remain optimistic about Israel’s blockchain future and have expanded their hiring processes to include remote work. Factors cited for the migration are varied, encompassing both political and personal reasons. Israel’s tech industry, nurtured by its military and a strong “startup nation mentality”, continues to be recognized globally for its contributions and resilience.

Full Article

A year after the Israel-Hamas war, the blockchain industry in Israel is now confronting the issues that come from increasing turmoil in the area, which makes some people unsure about taking on roles within the country. But folks running businesses in Israel that we talked to are staying hopeful about the blockchain scene’s future.

A recent report from Statista reveals that around 60,000 Israelis moved away in the past two years from May. The same report also noted a 25% increase in folks moving out of Israel since February 2023. This rise in people leaving the country is making some worry about a potential “brain drain,” where more people leave the country than come in.

Last August, the Nobel prize winner in biology, Aaron Ciechanover, warned that Israel is seeing a large number of people leaving. In a speech he made at Kibbutz Nir Oz, Ciechanover warned of a shortage of doctors and said that universities are having trouble attracting new staff. He even mentioned that if 30,000 more people were to leave, Israel would cease to exist.

And the effects of war aren’t only seen in the medical field; the blockchain industry is also feeling the heat. Yaniv Baruch, who runs a GameFi project called Playnance based in Tel Aviv, says that it’s been harder recruiting people because of the current situation. Both The Times of Israel and The Jewish Independent have reported a rise in emigration following attacks last October.

Baruch went on to say that the overall uncertainty and security worries have made some professionals wary about considering new jobs or moving. But even though the ongoing conflict is out of their control, this doesn’t mean businesses have been idle.

“We’ve widened our recruiting target, looking beyond just local hiring and including remote work,” says Baruch. In the world of blockchain, many positions are already remote, so employing more remote workers to fill the void makes sense. This switch to remote work lets businesses access talented professionals worldwide while showcasing what makes them unique and exciting, all of which attract passionate individuals who want to make a real difference in fintech and blockchain.

There might be more people leaving Israel in 2023 according to the data, but figuring out exactly why that’s the case isn’t so straightforward. The outbreak of the Israel-Hamas conflict led to an immediate rise in people leaving, but some are also blaming changes in court laws that weakened the powers of Jewish courts. Apart from these reasons, personal factors also lead some people to live outside of Israel.

Misha Lederman, head of strategy at FitFi application Sweat Economy, is one of the Israelis who has moved to Europe. Lederman now lives in Lisbon, where Sweat Economy is based. But his reasons for living outside of Israel aren’t political—they’re personal.

Speaking highly of Israel and its blockchain sector, Lederman hailed the country’s “startup nation mentality” and highlighted the strong focus on education. He also explained why the Israeli military played an important role in the country’s success, nurturing tech talent, particularly in cybersecurity and cryptography.

Looking ahead, both Baruch and Lederman are staying hopeful about the Israeli blockchain industry’s future. Despite current challenges, Baruch remains highly positive, remarking that Israel is still a leader in global development and that its rich startup scene is perfect for blockchain tech advancement. Meanwhile, Lederman cited data showing how much Israel contributes to global Web3 venture capital funding, proving how much of an impact the country is having in the blockchain space. Despite the challenging economic situation, Israel’s blockchain sector continues to thrive.

Source: Cointelegraph