Bybit is stroking personnel by referring to turbulent markets

Bybit is stroking personnel by referring to turbulent markets

driven by the slaughter in the markets, Bybit is the latest cryptocurrency exchange that will reduce your number of employees.

The persistently high inflation, a decline in consumer expenses and the arrival of the bear market did business - and that led to the need to reduce costs, a spokesman for bybit told Blockworks.

"We are looking for a way to move over overlapping functions and build smaller but more agile teams to improve our efficiency," said the spokesman.

How many employees will be affected by the review is unclear.

The spokesman for Bybit pointed out that companies around the world are affected by a declining environment and that it is not a outlier.

Coinbase said 18 % of its workforce will be deleted, Crypto.com will reduce 5 % while Gemini will reduce 10 %. Companies in the industry have cited deteriorating market conditions and signaled an extensive downturn-also known as crypto winter.

"Bybit is no exception, apart from the fact that we have taken extreme steps to keep our workforce in this crisis as long as possible," said the spokesman.

The Bybit based in Singapore claims to have more than 5 million users and is present in 160 countries. That of the platform trading volume according to data of nomics .

"We are committed to continuously investing in strategic investments [Web3] Projects and acquisitions as well as sponsoring non -profit organizations, while we rationalize our expansion plans on the basis of our business priorities," added the spokesman for bybit.

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The contribution bybit to slash Staff, Citing Turbulent Markets is not a financial advice.