Shalini Nagarajan

<div id="highlights-block_62cfde52ac5e8" class="highlights">
 <ul>
 <li>Investors include Peter Thiel’s investment firm, Fifth Down Capital, former Palantir CFO</li>
 <li>Pompliano’s plan to launch a crypto jobs marketplace surfaced in January 2021</li>
 </ul>
 
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Anthony Pompliano, founder of Pomp Investments, said his cryptocurrency recruitment firm Inflection Points has raised $12.6 million in funding and announced a deal to acquire a competitor.



In a <a href="https://twitter.com/APompliano/status/1547190514130337793" target="_blank" rel="noreferrer noopener">Twitter thread</a> on Wednesday, the entrepreneur said investors included Thiel Capital, Fifth Down Capital, XYZ Fund, former Palantir CFO Colin Anderson and real estate developer Marc Roberts. Andrew Spellman, Fifth Down Capital’s founder and managing partner, will join the Board of Directors.&nbsp;



Separately, Inflection Points agreed to acquire New York-based crypto-focused recruiting firm Proof of Talent for an undisclosed sum. CEO Rob Paone said in a <a href="https://proofoftalent.co/blog/proof-of-talent-acquired-by-inflection-points-inc" target="_blank" rel="noreferrer noopener">blog</a> that Proof of Talent will continue to operate independently. “From the jobseekers perspective, there will be no meaningful changes,” he wrote.



Pompliano said his own firm has helped over 1,000 people score jobs in the cryptocurrency industry and upskilled more than 4,000.



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Inflection Points Inc by the numbers: &#8211; 1,000+ people hired &#8211; 4,000+ people trained Many infrastructure companies in crypto provide amazing products and tools (exchanges, wallets, data, etc). We supply the people. This is a key part.&mdash; Pomp 🌪 (@APompliano) <a href="https://twitter.com/APompliano/status/1547190522875445251?ref_src=twsrc%5Etfw">July 13, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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The platform is among a number of other Web3-based job boards including BlockAce, CryptoJobs and Crypto Recruit.



Blockworks reported Pompliano’s <a href="https://cms.blockworks.co/anthony-pompliano-launches-crypto-jobs-marketplace/" target="_blank" rel="noreferrer noopener">plan to launch a jobs marketplace</a> in January 2021, when sentiment around cryptocurrencies was relatively more positive. He launched the business with co-founder Colton Sakamoto, and said the company was self-funded and grew quickly. “We are obsessed with profitability — that is the whole point of capitalism,” he wrote in a tweet.



Fundraising for their crypto jobs marketplace comes during a bear market as the industry faces a downturn triggered by stablecoin TerraUSD’s collapse and several firms facing a liquidity crunch. A chunk of well-known companies have had to reduce their workforce, including <a href="https://cms.blockworks.co/coinbase-cut-workforce-ceo-wary-of-potential-recession/" target="_blank" rel="noreferrer noopener">Coinbase</a>, <a href="https://cms.blockworks.co/gemini-joins-growing-list-of-crypto-exchanges-cutting-staff-amid-downturn/" target="_blank" rel="noreferrer noopener">Gemini</a>, <a href="https://cms.blockworks.co/cryptocurrency-lender-blockfi-set-to-cut-staff-by-a-fifth/" target="_blank" rel="noreferrer noopener">BlockFi</a> and <a href="https://cms.blockworks.co/crypto-com-cutting-5-of-workforce-amid-digital-asset-downturn/" target="_blank" rel="noreferrer noopener">Crypto.com</a>.



Still, most venture capital firms are hunting for opportunities in the market downturn, as valuations are <a href="https://cms.blockworks.co/vc-funding-slows-again-in-june-but-experts-say-worthwhile-projects-will-get-money/" target="_blank" rel="noreferrer noopener">likely to be depressed</a>. That’s one reason why money is <a href="https://cms.blockworks.co/funding-roundup-despite-bear-market-money-is-still-pouring-into-crypto/" target="_blank" rel="noreferrer noopener">still pouring</a> into the industry.



“Business models like some of the larger crypto trading firms are going to endure, and the names on the doors may change as good risk management is revealed and bad risk management is punished,” Matthew Sigel, head of digital assets research at VanEck, said.



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