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ByBit and BitOasis Announce Layoffs Amid Intense Bear Market

Cryptocurrency Jun 20, 2022 09:30AM ET
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ByBit and BitOasis Announce Layoffs Amid Intense Bear Market

    • BitOasis and ByBit are cutting off personnel as the bear market continues and the crypto winter approaches.
    • Bybit and BitOasis aren’t the only ones cutting assets to save money. Several other exchanges have done the same.
    • Binance, Kraken, and FTX are hiring despite the market’s weakness. Kraken has more than 500 roles to fill in 2022, compared to Binance’s 2,000.

As the bear market continues and the fear of crypto winter keeps looming, two more cryptocurrency firms, BitOasis and ByBit, have announced that they will be laying off employees.

According to a report by Reuters, the cryptocurrency exchange BitOasis, which is situated in the United Arab Emirates (UAE), made the decision on Sunday to let go of nine workers, making it one of the most recent businesses to reduce its workforce in response to the economic slowdown.

Meanwhile, Bybit’s Chief Executive Officer, Ben Zhou, recently communicated to his staff in an internal letter that the cryptocurrency exchange was contemplating initiating layoffs beginning this week.

In addition to Bybit and BitOasis, a number of other significant exchanges have started reducing their holdings in order to save expenses. The Winklevoss brothers, who run Gemini, are responsible for the company’s recent reduction of 10% of its workforce.

Both Crypto.com and crypto lender BlockFi have also reduced their workforces, with Crypto.com laying off 5% of its employees and BlockFi eliminating 20% of all employment. This year has seen a number of regulatory crackdowns, which have had an effect on the latter as well.

In contrast, cryptocurrency companies including Binance, Kraken, and FTX have announced employment plans despite the general market’s current weakness. While Binance has said that it would add 2,000 new staff members, Kraken has more than 500 positions that need to be filled in the remaining part of 2022.

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ByBit and BitOasis Announce Layoffs Amid Intense Bear Market
 

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