Exchange News- 20% to 30% of the staffing is estimated to be cut off from the ByBit exchange platform.
- Resources may be assigned with additional tasks and functioning.
The ByBit exchange platform is joining the list of companies that are reducing their staff numbers because of the market crash. A letter seems to be circulating within the organization by the CEO, Ben Zhou. It is mentioned in the letter that the resource growth has been exponential whereas the business growth is not directly proportional to it.
The circulation of the document has been confirmed by many sources and the percentage of lay-offs is estimated to be 20 to 30. Also, it would not be a shock if it rises to around 50%. In the letter, Zhou additionally throws importance on the fact that the team will be shortened.
Professionals may have to take up extra or combinational tasks since the management is planning to reduce the overlapping function. ByBit had staffing of only a few hundred in 2020 and now it holds a staff capacity of a few thousand.
Crypto Crash Snatches Jobs
The huge exchange platforms in the crypto market are cutting off their resources, and the reason stated in the market falling. The list includes Coinbase, Gemini, and Crypto.com. When looking into the percentage, Coinbase closed 18%, Gemini 10%, and Crypto.com laid off 5%.
Whereas, Binance, Kraken, and LBank are carrying on an active hiring process as they say the market is being expanded. This questions the logic provided by the firms that are removing the staff.
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Source: https://thenewscrypto.com/bybit-planning-to-reduce-workforce/