Crypto

Bybit Terminates Employees in The Middle of Market Pullback

Bybit has just confirmed the rumors of laying off a number of employees

Bybit has just joined the other crypto companies like CryptoCom, BlockFi and Coinbase in the approach of reducing the number of employees due to the huge market-wide retracements. As Bybit has officially confirmed the news of laying off a number of their employees, without disclosing the number of employees.

With the rumors about joining the crypto company to other companies like CryptoCom and Coinbase in decreasing the staff number, CryptoPotato reached the spokesperson of Bybit, who in his turn confirmed the news without mentioning the number or percentage of employees.

Similar to other crypto companies who laid off their employees, the person mentioned that this move is due to the growing inflation and the dip in the market.

“Upon the arrival of the bear market, companies globally have been affected, with many needing extensive measures to cut costs. Bybit is no exception apart from the fact that we have taken extreme steps to maintain our workforce for as long as possible during this crisis.”

The company has promised all the affected staff severance packages as well as access to its employee career support to help with their job transition.

However, according to the spokesperson, he assured that Bybit fundamentals are still strong, with more than 6 million users in +160 countries.

In addition, in a separate press release, the crypto company has revealed the release of its grid trading robot which os available to the registered users as of today June 20. The bot will be employed to automate the buy ans sell orders as well as adjusting their investment amount:

“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.”

Also, the bot is prepared with smart AI parameters for each trading pair, which is developed and maintained by quantitative specialists.

“Grid trading has been around for quite some time and is a proven and profitable trading methodology, especially for a market as fluid as crypto. We are convinced that our users will be as excited about grid trading as we are in rolling it out for them.” – commented the exchange’s co-founder and CEO – Ben Zhou.

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