The global crypto market fell from its last year’s valuation of $3 trillion (roughly Rs. 2,44,97,715 crore) to currently stand at $864 billion (roughly Rs. 70,25,994 crore) after back-to-back blows to the sector. Amid the ongoing crypto winter, ByBit crypto exchange has decided to lay-off 30 percent of its workforce. The development was confirmed by ByBit CEO Ben Zhou on Twitter. With this, the 2018-founded company has joined the list of several other crypto players who resorted to the same measure in order to make their operations more cost efficient.
Zhou has noted that the decision has been made as part of an ongoing business re-organisation amid the ongoing crypto downturn.
For the staff members being laid off, the company is planning on assisting them in as many ways as possible, its CEO claimed.
“It’s important to ensure Bybit has the right structure and resources in place to navigate the market slowdown and is nimble enough to seize the many opportunities ahead,” the company chief noted.
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