Crypto organizations have reacted in one way or another to the most recent developments in the crypto industry. The implosion of the now-defunct crypto giant FTX is largely attributed as one of the causes of the current bearish market condition.
This unprecedented turn of events has precipitated the collapse of other organizations in the industry, with several others forced to make significant cuts in expenses and staff strength in order to stay afloat.
Still feeling the bite of the current crypto winter, Ben Zhou, the CEO of the cryptocurrency trading platform Bybit, announced via his official Twitter account on Sunday, December 4th, that 30% of the company’s workforce would be laid off. The tweet has generated reactions from Bybit users and followers of Ben Zhou.
Bybit is one of several cryptocurrency companies that announced layoffs a few months ago, including Coinbase and the recently bankrupted BlockFi.
The decision of these crypto companies to downsize their workforce has been attributed to the constantly deteriorating cryptocurrency market conditions.
Bybit is a trading platform with an extremely fast matching engine, first-rate customer support, and multilingual community support. The exchange was founded in 2018 by Ben Zhou.
According to Coindesk, on the same day, a screenshot of a message from the business’s internal messaging system, in which Zhou claimed that the layoffs would affect 30% of the workforce, was circulating through Telegram group chats.
Although the exchange has only been in operation for a relatively short time (4 years), it has achieved a respectable level of trading activity, particularly in relation to derivatives.
According to CoinGecko, the exchange has been ranked 9th out of 64 derivatives exchanges for open interest (options or futures that have not yet been settled) and 15th in terms of normalized trade volume in the spot market over the last 24 hours.
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