Bybit crypto exchange joins the list of companies that lay off staff – TechCrunch

Singapore-based cryptocurrency exchange Bybit has joined a long list of companies that have laid off some of their employees. As is the cryptocurrency market facing trembling timescompanies are finding new ways to cut costs and stay afloat.

Crypto journalist James Wu was the first to note the news about Bybit cuts yesterday. He said the company is cutting an incredible 30% of its 2,000-strong workforce. However, the company did not give any indication of the size of its workforce or the number of people it has laid off.

“Bybit is highly dependent on professionalism and the ability to perform quickly. We are exploring ways to eliminate overlapping features and build smaller but more flexible teams to improve our performance. As of this week, some of the functions and roles will be reviewed to ensure that we remain focused and flexible, “the company said in a statement.

“In order to facilitate the smooth transition of the process, the affected colleagues will be provided with compensation and access to career support for Bybit employees during the transition to work.”

Bybit said it has 6 million registered users with more than 190,000 users trading futures or spots on the stock exchange on a daily basis. The company has spent a lot of money on marketing in the last year, inclusive sponsorship agreement with the F1 Red Bull Racing team reportedly worth $ 150 million.

Last week, Coinbase said so cuts its workforce by 18% – almost 1100 people. Crypto.com CEO Chris also said the company is cuts 5% (260 people) of its staff. The BlockFi lending platform was another company that aims to save costs by giving a pink slip 20% (850 people) of its employees.

The crypto market is currently facing “winter” as the prices of various tokens and coins have fallen. Over the weekend, bitcoin fell below $ 19,000 and ether fell below $ 1,000, only to recover in the last few days. Several crypto financial service providers like it Celsius and Babel Finance have frozen withdrawals as they try to combat the market downturn.

In an interview with NPR over the weekend, FTX cryptocurrency founder and CEO Sam Bankman-Freud said he increase in interest rates by the Fed run this crypto bear market.

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