Bybit and Swyftx Add to List of Crypto Firms Cutting Staff

After FTX went down, Bybit and Swyftx said they were cutting jobs, making them the latest victims of the crypto epidemic.Today’s decision was difficult, but difficult times call for difficult choices. Ben Zhou, CEO of Bybit, stated on Sunday, I just announced intentions to cut our headcount as part of an ongoing reorganization of the business as we move to refocus our efforts for the deepening bear market.Zhou said that 30% of the company’s employees would lose their jobs because of the expected layoffs. He also said that it is important to make sure that Bybit has the resources and organizational structure it needs to deal with the slowdown in the market and move quickly enough to take advantage of the many opportunities that are coming.According to CoinGecko, the Dubai-based Bybit is one of the top 20 largest cryptocurrency exchanges, with a trading volume of around $310 million over the last 24 hours.
Zhou told a client who was worried that layoffs would hurt ByBit’s business that this wouldn’t happen because the decision was made to make sure the trading platform would be viable in the long run. In an interview with Bloomberg, Zhou said that the general drop in cryptocurrency markets, BlockFi’s bankruptcy, and Genesis’ problems show that we are moving into a much colder winter than we had expected from both an industry and market point of view. Swyftx has nothing to do with FTX directly, but CEO Alex Harper says, We are not immune to the effects it has had on the crypto markets.Because of this, Harper said in a statement, we have to get ready for a worst-case scenario of more severe declines in global trade volumes throughout H1 next year and the potential for other black swan-type incidents. With 74 employees leaving the company in August, this is the second round of layoffs for Brisbane-based Swyftx this year. It also happens at the same time as Swyftx is raising money in order to complete a $1.5 billion merger with brokerage Superhero. Less than a week ago, Kraken, a cryptocurrency exchange, said it would lay off about 1,100 people, or 30% of its staff, citing worries about the economy as a whole and a continuing bear market in cryptocurrencies. Outgoing CEO Jesse Powell gave these reasons. It has been very difficult for employees.What do you think about it? let us know by commenting below