{"id":30304,"date":"2022-06-20T05:55:59","date_gmt":"2022-06-20T09:55:59","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=30304"},"modified":"2022-06-20T05:56:13","modified_gmt":"2022-06-20T09:56:13","slug":"bybit-plans-to-cut-jobs-amid-crypto-crash-report-reveals","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bybit-plans-to-cut-jobs-amid-crypto-crash-report-reveals\/","title":{"rendered":"Bybit Plans To Cut Jobs Amid Crypto Crash \u2013 Report Reveals"},"content":{"rendered":"\n
According to reports on Monday, Bybit<\/a> is the latest crypto exchange to consider layoffs amid a catastrophic crypto crisis.<\/h5>\n\n\n\n
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Bybit CEO Ben Zhou has informed his staff in an internal memo that the exchange was considering layoffs beginning this week. Colin Wu\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, a crypto writer, broke the news, citing various inside sources.<\/p>\n\n\n\n

Bybit<\/a> is far from the first cryptocurrency exchange to announce employment losses amid the continuing crisis. Coinbase<\/a>, its larger rival, recently eliminated 18 percent of all positions after previously announcing a hiring restriction. Coinbase too suffered a significant loss in the first quarter.<\/p>\n\n\n\n

The layoffs come in the midst of one of the greatest crypto downturns in recent memory. Since its peak in late 2021, the space has shed roughly $2 trillion in worth.<\/p>\n\n\n\n

According to Zhou's letter, which was released by Wu, while the exchange's size grew exponentially over the last two years, its business did not rise at the same rate.<\/p>\n\n\n\n

According to reports, the exchange is having issues due to internal inefficiencies. The exchange will now focus on streamlining internal functions, which will almost certainly result in job cuts.<\/p>\n\n\n\n

According to a Chinese media report<\/use><\/svg><\/span><\/a>, the level of cutoffs is between 20% and 30% of Bybit's overall headcount. It is also estimated that around 2500 individuals are currently employed by the exchange.<\/p>\n\n\n\n

According to Coinmarketcap.com<\/use><\/svg><\/span><\/a>, Bybit is the 19th largest cryptocurrency exchange, with daily volumes of around $505 million.<\/p>\n\n\n\n

Aside from Bybit and Coinbase, numerous other prominent exchanges have begun to decrease positions to minimize costs.<\/p>\n\n\n\n

Gemini, led by the Winklevoss brothers, recently reduced its workforce by 10%. Crypto.com eliminated 5% of its personnel, while crypto lender BlockFi cut 20% of all positions. This year's regulatory crackdowns have also influenced the latter.<\/p>\n\n\n\n

On the other hand, despite the market meltdown, prominent exchanges Binance and Kraken have both added new positions, claiming operational strength.<\/p>\n","protected":false},"excerpt":{"rendered":"

According to reports on Monday, Bybit is the latest crypto exchange to consider layoffs amid a catastrophic crypto crisis. Bybit CEO Ben Zhou has informed his staff in an internal memo that the exchange was considering layoffs beginning this week. Colin Wu , a crypto writer, broke the news, citing various inside sources. Bybit is […]<\/p>\n","protected":false},"author":33,"featured_media":30306,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,32],"tags":[662],"class_list":["post-30304","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-crypto-exchange-news","tag-bybit"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/06\/bybit_id_0befbd65-d7a1-490a-9069-5ff49515ffaa_size900.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/30304","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=30304"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/30304\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/30306"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=30304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=30304"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=30304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}