Due to the recession, crypto exchange Bybit decided to reduce the workforce

The decline in the crypto market for the last few months is affecting the firms related to this segment. Because of this, these firms are trying to reduce costs. Singapore-based crypto exchange Bybit has decided to reduce its workforce to avoid losses. However, the exchange did not specify the number of employees it would lay off.

A Bybit spokesperson confirmed the reduction in the workforce. In the last few weeks, many firms in the crypto segment have reduced their workforce. CryptoPotato quoted a Bybit spokesperson as saying Report “The market slowdown has impacted companies across the world. Bybit is also included in this. We have decided to reduce our workforce,” it said in a statement. The exchange has also claimed to help the laid-off employees with severance packages as well as career support. The spokesperson said that the firm’s position is strong and it has about 6 million users in more than 160 countries. The exchange has made the grid trading bot available to all the registered users. With this, users will be able to automate their buying and selling.

Coinbase, one of the major crypto exchanges, also recently decided to reduce its workforce by 18 percent. This firm, which has its headquarters in America, says that in this difficult period of the industry, it has cost This step has been taken to reduce The decision is expected to result in layoffs of over 1,000 employees of the exchange. Coinbase has given this information to the employees affected by this via email. Brian Armstrong, the exchange’s chief executive officer, said in a blog post, “The difficult decision has been taken to reduce the size of our team by approximately 18 percent. This will ensure the firm’s position during economic slowdowns.”

Earlier crypto trading and lending platform BlockFi had announced layoffs of around 200 employees and crypto exchange Crypto.com about 260 employees. Both these firms have given similar reasons for reducing the workforce. The market capitalization of crypto has come down to below $1 trillion. <!–

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