Following major market pullbacks, Bybit has joined other cryptocurrency startups in laying off employees. Other market leaders, including Coinbase (NASDAQ:COIN), CryptoCom, and BlockFi, have laid off a significant number of their personnel.
This decreased movement would be directly related to the quickly rising inflation and the collapse of the cryptocurrency markets. “Businesses all across the world were damaged by the bear market, with many having to take drastic measures to cut expenses. Except for the fact that we have made tremendous steps to keep our personnel as long as feasible throughout this crisis, Bybit is no exception.”
With over six million customers in more than 160 countries, the corporation promises that its basics “remain intact.”
Coinbase, for its part, announced an 18% personnel cut. BlockFi laid off 20% of its 850-person workforce. Crypto.com will lay off 260 employees, or 5% of the workforce.
