Bybit Crypto Exchange Joins Coinbase, CryptoCom in Cutting Down Company Work-Force

Along with severance packages as well as employee career support, Bybit has claimed to be providing the necessary assistance to its laid off employees.

By Radhika Parashar | Updated: 21 June 2022 13:36 IST

Bybit Crypto Exchange Joins Coinbase, CryptoCom in Cutting Down Company Work-Force

Photo Credit: Facebook/ Bybit

Headquartered in Singapore, Bybit was founded in 2018

Highlights

Crypto market is undergoing a slump
Bybit accepts to have taken ‘extreme’ cost-cutting steps
Bybit recently launched its grid-trading bot

Bybit has resorted to work-force trimming in order to keep its business afloat in the global crypto sector, that is currently undergoing a slump. The Singapore-based crypto exchange has not disclosed exactly how many employees have been or are being laid off. While the company did not officially announce its decision to let go of its staff members, a company spokesperson confirmed about this to the media. In recent times, several crypto players have resorted to laying-off employees.

“Upon the arrival of the bear market, companies globally have been affected, with many needing extensive measures to cut costs. Bybit is no exception apart from the fact that we have taken extreme steps to maintain our workforce for as long as possible during this crisis,” CryptoPotato quoted the spokesperson as saying.

Along with severance packages as well as employee career support, Bybit has claimed to be providing the necessary assistance to its laid off employees.

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In addition, the Bybit spokesperson has reportedly claimed that the company's fundamentals ‘remain strong', with over six million users in more than 160 countries.

The platform recently outlined the release of its grid trading bot, that has been made available to all registered users on June 20.

Bybit users will now be able to employ the company's bot to automate the buying and selling of orders while also adjusting their investment amount.

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The market cap of the sector that stood at over $2 trillion (roughly Rs. 15,610,304 crore) around March this year, currently stands at $904 billion (roughly Rs. 90,483 crore), as per CoinMarketCap.

The US is also struggling to mitigate risks arising due to the ongoing economic slump, due to which the overall TradeFi market is facing a crisis.

Earlier last week, Web3 firms, BlockFi and Crypto.com have announced lay-offs from their respective companies.

Major shift in the macroeconomic conditions was cited as the reason behind almost 500 people losing their jobs collectively from BlockFi and Crypto.com.

Coinbase has also laid off over 1,000 employees, calling it a cost-cutting measure in these ongoing times of industrial dips.

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Further reading: Cryptocurrency, Crypto Exchange, Cryptocom, Bybit, Coinbase

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More