The downturn in the market starting since the beginning of the year has dragged companies into turmoil. Most recently, Bybit has joined other crypto companies in reducing their staff following a massive investment withdrawal across the market. Previously, Coinbase, CryptoCom, and BlockFi had to take drastic measures namely employee reductions.
Based on widespread rumors that the popular crypto exchange Bybit has joined Coinbase and CryptoCom in controlling their operations by reducing the number of its employees. It is rumored that ByBit had to take steps to lay off staff following the continuing worrying inflation and the fall in the crypto market.
Since the turmoil in the market, companies around the world have been affected without the exception of crypto companies being equally affected. This has forced some companies to take more extensive measures to reduce costs. Bybit is no exception after doing its best to retain the workforce for as long as possible during this crisis.
Waima so, crypto exchange companies promise compensation package retrenchment of affected employees and access to career support to help their job transition.
In another note, the company noted that the company “remains strong,” with more than six million users in more than 160 countries. Not only that they also announced the launch of its grid trading boat which is available to all registered users starting today.
Users can use the boat to automate buy and sell orders and adjust investment amounts.
Previously a crypto exchange platform, Coinbase had laid off about 18% or 1,000 of its employees as the cryptocurrency market continued to fall. The king of cryptocurrencies, Bitcoin (BTC) has fallen to a trading level of $ 20,600.51. The price of Bitcoin in the last two days has fallen to the price level of $ 17,000.
