Crypto company “Bybit” lays off 30% of its employees…details here
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Answer Crypto company “Bybit” lays off 30% of its employees…details here
With Bitcoin still below $20,000, it is clear that the bear market is still in the spotlight, hurting business for crypto firms.
The ongoing crypto winter has greatly harmed miners, crypto companies in general, and trading platforms in particular.
Many cryptocurrency exchanges have laid off employees.
The latest regulator of this trend is the company Bybit.
Bybit lays off 30% of its employees:
The cryptocurrency landscape is very different from what it was a year ago when prices were rising and there were new highs being made by many currencies.
Now the so-called crypto winter is in full force, after negative macroeconomic events as well as several noisy crashes related to the industry, such as Terra and FTX.Read:A Ripple CEO explains the challenges facing the price of XRP
It is somewhat expected that the general sentiment of investors in the crypto sector has completely changed, which is evidenced by lower trading volumes, Google searches, etc.
As we mentioned, cryptocurrency trading platforms are among those who suffer the most.
Bybit has joined the ranks of companies reeling from the crypto winter, with CEO Ben Zhou confirming to Bloomberg that the company plans to lay off 30% of its workforce.
This comes amid an ongoing reorganization aimed at refocusing efforts, and the layoffs will be comprehensive.
Chu promised that business operations would remain safe while blaming the downtime on the ongoing bear market.
He also believes that the latest problems around BlockFi, which has filed for bankruptcy, and Genesis, which is said to be close to the move as well, are signs that we are entering a colder winter than we expected from both.
It is important to ensure that Bybit has the right structure and resources to weather the market slowdown and is nimble enough to seize the many opportunities ahead.
Tough times call for tough decisions.Read:Report: “Morgan Stanley” intends to enter the world of Bitcoin
Bybit is not the first exchange to take such drastic action.
CryptoCom and Coinbase were among the first, with reports claiming that the former had cut its staff by several hundred people.
On the other hand, the US giant cut 18% of its workforce last June.
Other companies that have followed suit include Gemini, BlockchainCom, Huobi and others. Kraken also recently joined the list, firing 30% of its personnel.
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