ByBit Crypto Exchange to Cut Staff by 30 Percent as Market Slump Sees No End

For the staff members being laid off, ByBit is planning on assisting them in as many ways as possible, its CEO claimed.

ByBit Crypto Exchange to Cut Staff by 30 Percent as Market Slump Sees No End

Photo Credit: Facebook/ ByBit

Kraken, Lemon Cash, and Genesis are other crypto players that recently cut its workforce

Highlights
  • ByBit is trying to re-structure its operational structure
  • ByBit is laying off employees after FTX collapse
  • Founded in 2018, ByBit is based in Singapore
Advertisement

The global crypto market fell from its last year's valuation of $3 trillion (roughly Rs. 2,44,97,715 crore) to currently stand at $864 billion (roughly Rs. 70,25,994 crore) after back-to-back blows to the sector. Amid the ongoing crypto winter, ByBit crypto exchange has decided to lay-off 30 percent of its workforce. The development was confirmed by ByBit CEO Ben Zhou on Twitter. With this, the 2018-founded company has joined the list of several other crypto players who resorted to the same measure in order to make their operations more cost efficient.

Zhou has noted that the decision has been made as part of an ongoing business re-organisation amid the ongoing crypto downturn.

For the staff members being laid off, the company is planning on assisting them in as many ways as possible, its CEO claimed.

“It's important to ensure Bybit has the right structure and resources in place to navigate the market slowdown and is nimble enough to seize the many opportunities ahead,” the company chief noted.

As per CoinMarketCap's tracker, ByBit ranks eight out of 241 exchanges in terms of trading volumes.

Despite its rather successful performance in the ongoing crypto winter, the company's decision to slash its workforce has stirred more concerns among the community members.

Last month, after the FTX crypto exchange dramatically collapsed, the entire market experienced a major shake-up.

Kraken crypto exchange, last week, announced that it would also be slashing its global work force by 30 percent to keep its business afloat. The decision impacted around 1,100 staff members of the exchange.

Around November 25, Argentina-based Lemon Cash crypto exchange fired 38 percent of its staff as a cost-cutting measure.

In the last few months, Genesis Trading and OpenSea have also had to get rid of its team members in the aftermath of the crypto slump.

As for ByBit, this is its second round of job-cuts this year alone. The Singapore-based company had slashed an undisclosed percentage of its workforce in June 2022 as well.


What are the best smartphones you can buy in India in 2022? These are the phones we think stood out the most this year Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Radhika Parashar
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
Realme GT Neo 5 May Debut With Up to 5,000mAh Battery, 240W Fast Charging Support
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News

Advertisement

Follow Us
© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »