More crypto companies are laying off their workers due to losses
•Bybit and Swyftx are the latest companies to announce job cuts in the wake of FTX collapse.
• Bybit CEO Ben Zhou said that the planned layoffs “will be across the board,” affecting 30% of the company’s staff.
• With trading volume of about $310 million in the past 24 hours, Bybit is ranked among the world’s 20 largest crypto exchanges.
• Swyftx CEO Alex Harper announced that as many as 90 team members or 35% of the company’s workforce will be parting ways with Swyftx.
FTX causes more trouble
The cryptocurrency industry has been dealt another blow, with two more major companies announcing job cuts in the wake of the FTX collapse. Bybit and Swyftx have both announced plans to reduce their workforce, with a combined total of over 50 employees set to lose their jobs. This is yet another example of the challenges facing the industry, as companies struggle to cope with the fallout from the FTX collapse. With the future of the industry now in doubt, it is likely that we will see even more job losses in the months ahead.
More Companies downsizing
Bybit, one of the world’s largest crypto exchanges, reported that 30% of its staff will be let go due to the downturn in business caused by the FTX collapse. CEO Ben Zhou stated that the layoffs would affect all departments at Bybit, though he did not provide a specific number of employees that would be affected. With an average daily trading volume of around $310 million, Bybit ranks among the top 20 crypto exchanges worldwide.
Swyftx, one of Australia’s leading cryptocurrency exchanges, has announced that it will be cutting 35% of its workforce in the wake of the recent FTX collapse. This is a significant blow to the company, which had only seen continuous growth since its launch in 2018. With a range of services from spot trading to margin trading and OTC trades, Swyftx had become a major player in the Australian crypto market.
However, Swyftx and Bybit are not the only companies impacted by the FTX collapse. Many other companies are facing job cuts and economic hardship as a result of the downturn in the market. This is especially difficult given the current situation with COVID-19, which has already caused many businesses to lay off or furlough staff. Hopefully, these companies can find new solutions and recover soon so that they can continue to provide jobs and services within their industries.
The layoffs come as a major surprise to those in the industry, as both Bybit and Swyftx had been thought to be weathering the storm better than most. However, it appears that even these major players are not immune to the effects of the FTX collapse. With more job cuts likely on the horizon, it remains to be seen how much further the ripple effect from this news will go.