Byte is not the only firm to reduce its workforce to deal with the current recessionary market conditions.
Cryptocurrency exchange owned by Bybit announced Second round of employee layoffs citing deepening crypto bear market.
According to Bybit CEO Ben Zhou, the company needed to recalibrate its plan to suit the bearish market conditions. This would include further reducing its workforce. Zhou believes that the appropriate structure and resources will help the exchange to take advantage of opportunities while the market remains bearish.
Earlier in June, the firm cut its workforce to create a “smaller and more agile team”. According to crypto journalist James Wu, the exchange cut 30% of its workforce, an estimated 2000 at the time. The most recent announcement indicates a further reduction in that number.
Zhou indicated that layoffs would be cut across the board. “For our affected associates, we will try to make this process as easy as possible and be as attentive to each individual’s needs as we can,” he added.
Is The Crypto Bear Market Deepening?
Following the significant delinquency of the crypto market in May and June following the collapse of the Terra ecosystem, the market slowly began to recover. By October, there were suggestions that the crypto winter was almost over. it was until the fall of ftx,
According to Coinbase Global report good, The collapse of FTX and Alameda Research has pushed back months of recovery and deepened the bear market. Coinbase cited revelations from the affected firms as to why this would happen. Similarly, Bradley Duke, founder and CEO of ETC Group, said that the collapse would hit investor confidence and starve the ecosystem of liquidity.
Following the collapse of FTX, cryptocurrency prices plummeted, reducing the market cap to less than $800 billion. However, the current global cryptocurrency market cap today at $895 billion indicates a slight rebound.
Mass layoffs in crypto companies
Meanwhile, Byte is not the only firm to reduce its workforce to deal with the current recessionary market conditions. Recently, Kraken also 30% cut announced In its number, approximately equal to 1100 employees. coinbase And Bitso has also recently downsized. Should the crypto bear market continue for a long period of time, more companies will inevitably take a page from Byte’s book and lower their numbers again.
A seasoned writer with practical experience in the Fintech industry. When not writing, he spends his time reading, researching or teaching.
Bitcoin Crypto Related Post