Bybit crypto exchange joins the list of crypto firms cutting staff
Singapore-based Cryptocurrency Exchange Bybit has joined a long list of firms that have laid off some of their workers. As the cryptocurrency market is facing tremulous times, companies are finding new ways to cut costs to stay afloat.
Bybit is a Digital Exchange established in March 2018 to provide a professional platform where Cryptocurrency traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. The company also provides online spot and derivatives trading services, mining and staking products, as well as API support to retail and institutional clients around the globe. The firm strives to be the most reliable exchange for the emerging Digital Asset Market.
Cryptocurrency journalist James Wu first noted the news about Bybit's layoffs yesterday. He noted that the company is laying off a whopping 30% of its total workforce of 2,000 people. However, the firm did not give any signs about its total workforce size or the number of employees it has laid off.
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The company issue a statement saying "Bybit is highly dependent on professionalism and rapid execution capabilities. We are exploring a way to remove overlapping functions and build smaller but more agile teams to improve our efficiency. Starting from this week, some of the functions and roles will be reviewed to ensure we stay focused and agile”.
"To support the smooth transition of the process, affected colleagues will be accorded a severance package and access to Bybit’s employee career support in their job transition."
The company earlier mentioned that it has approx. 6 million registered users with north of 190,000 active users involved in trading futures or spots on the Bybit Exchange daily. The firm had spent heavily on marketing expenses over the last year, mainly on a sponsorship deal with F1 team Red Bull Racing reportedly of worth $150 million.
Also Read: Binance Looks To Hire 2,000 Employees Amid A Slump In The Market
Last week, Coinbase reported that it is cutting its total workforce by 18%, equivalent to almost 1,100 people. Another cryptocurrency firm, Crypto.com CEO Kris also said the company is laying off 5% (260 people) of its staff. Lending platform BlockFi was another company that is looking to cut costs by giving a pink slip to 20% (850 people) of its total employees.
The Cryptocurrency space is currently experiencing a "winter" as values of different tokens and coins have plummeted over the last two months. Over the weekend, Bitcoin (BTC) dipped below $19,000 and Ether (ETH) dipped below $1,000, only to recover during the last few days. Several Cryptocurrency Financial Service providers like Celcius and Babel Finance have frozen withdrawals as they try to battle the downturn in the market.
In an interview with NPR over the weekend, Cryptocurrency Exchange FTX's founder and CEO, Sam Bankman-Fried, said that increase in interest rates by Fed is driving this cryptocurrency bear market.
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