Bybit will reduce the workforce by 20-30%. It is the latest of many exchanges to take this measure in the face of the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. crisis.
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- The Bybit exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. will lay off some of its workers.
- It is estimated that the drop will be 20% to 30% of its staff.
- “We want small teams, but agile,” said a spokesman for the exchange.
The economic situation is undoubtedly affecting thousands of companies worldwide, which have opted to reduce their payrolls as an extreme measure to survive. In fact, the International Labour Organization has unemployment figures of 207 million people for this year.
As we have been saying, the exchanges cryptocurrency exchanges are experiencing the double crisis: that of the economy in general and that of crypto in particular, with many being forced to reduce staff.
So much so that in the last month, and like a domino effect, Latin American exchanges have reported worker layoffs. Bitso , MercadoBitcoin y Buenbit. In addition, Gemini laid off 10% of its staff at the start of June . Likewise, they also joined, Blockfi y Crypto.com. And what was perhaps the icing on the cake: Coinbase, que on June 14 reported about the reduction of 1,100 employees y luego, cuatro días después, reconoció que perhaps it will have to make even more payroll cuts.
Now, the latest to join this list is the exchange Bybit, which plans to reduce its headcount after rising inflation a general increase in prices and fall in the purchasing value of money. and lower consumer spending drove cryptocurrencies into a bear someone who believes that prices in a given market will decline over an extended period. Such a person might be referred to as “bearish.” market an area or arena, online or offline, in which commercial dealings are conducted. and led companies in the industry to look for ways to cut costs.
Bybit to cut 20 to 30% of payroll
Information about Bybit gave it through Twitter cryptojournalist Colin Wu, who cited unnamed sources. The Dubai-based firm has a workforce of around 2,000 people and would cut between 20% to 30% of jobs.
“According to sources, the proportion of layoffs is expected to be 20% to 30%, with some partial layoffs of up to 50%. Bybit has grown from hundreds to over 2000 in 2 years.”
According to sources, the proportion of layoffs is expected to be 20% to 30%, with some partial layoffs as high as 50%. Bybit has grown from hundreds to over 2000 in 2 years.
— Wu Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. (@WuBlockchain) June 20, 2022
“We are exploring a way to eliminate overlapping functions and create smaller but more agile teams to improve our efficiency.” said a spokesman for Bybit a CoinDesk . “Starting this week, some of the functions and roles will be reviewed to ensure we stay focused and agile.”
According to a copy of an internal letter published by WuBlockchain en Twitter, Bybit’s CEO Ben Zhou said the company “grew very fast” during the most recent bull a person that is optimistic and confident that market prices will increase, this person is also known to be "bullish" about the market or price. market in cryptocurrencies and “grew too comfortable”.
Pictures circulated in the community can be confirmed to be real. pic.twitter.com/kTXcmj82DJ
— Wu Blockchain (@WuBlockchain) June 20, 2022
“The size of our organization grew exponentially, but the overall growth of the business didn’t grow in the same way. “, says Zhou.
Bybit is the 19th-largest cryptocurrency exchange, with daily volumes of around USD $505 million, according to data fromCoinmarketcap.com.
Sources: Twitter, Coindesk , Coingape , Valoranalitics , archivo
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