As per the sources, Bybit has joined major cryptocurrency firms in decreasing its workforce by laying off its employee base after Coinbase, CryptoCom, and BlockFi. The plans are amid the big crypto market retracements in several past weeks and spreading rumours about reducing the workforce by prominent crypto exchanges. The individual, like other industry titans that lay off employees, ascribed the action to quickly rising inflation and plummeting crypto prices. Bybit is a crypto exchange established in March 2018 and has a 6 million user base.
Bybit plan for laying Off Employee
The sources have confirmed the plans of Bybit for reducing its workforce, however, the numbers are yet to be confirmed. The company representative informed to the sources that with the entrance of the bear market, enterprises worldwide were hit, with many requiring substantial cost-cutting measures. Many companies are taking exceptional measures to keep their employees as long as feasible throughout this crisis. Bybit is nowhere an exception.
According to information, the Bybit will guarantee severance compensation and access to employee career support to assist impacted employees in making their job transfer. Separately, the company’s fundamentals remain robust, with over six million members in more than 160 countries.
Coinbase laid off 18% of its personnel on June 14 in order to ensure a strong company in the wake of the current economic slump. The corporation laid off around 1,100 full-time employees. Similarly, on June 13, crypto firms such as BlockFi lay off 20% of their workforce. On the same day, Crypto.com announced a 5% layoff of 260 employees. Several other companies have recently announced significant layoffs.
Launch of grid trading bot
In other headlines, the exchange has released details of its grid trading bot. The grid trading bot is now available to all registered customers as of June 20. They will be able to use the bot to automate buy and sell orders and alter the amount of money they invest. In the announcement, the company said the followings:
“By executing low purchase orders that lead to high sell orders during a lateral price movement, the system ensures profitability each time the sale price exceeds the purchase price, thus eliminating the need for market forecasting.”
The bot is outfitted with intelligent AI settings for each trading pair that have been established and are maintained by quantitative professionals. Grid trading is an established and effective trading practice, especially in a volatile market like cryptocurrency.
