After Coinbase and CryptoCom, Bybit Lays Off Employees Amid Market Pullback
Bybit has joined other crypto companies in reducing their staff following the massive market-wide retracements. Previous such examples included Coinbase, CryptoCom, and BlockFi.
At the same time, the exchange announced the launch of its grid trading bot.
Bybit Slashes Off Staff Members
With rumors circulating that the popular crypto exchange has joined the likes of Coinbase and CryptoCom in reducing its number of employees, CryptoPotato reached out to a company’s spokesperson, who confirmed the news without providing an exact number or percentage.
Similar to other industry giants that laid off staff members, the person attributed the move to the rapidly growing inflation and the tumbling crypto markets.
“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 exchange also promised the affected employees severance packages and access to its employee career support to help with their job transition.
Separately, the spokesperson reassured that the company’s fundamentals “remain strong,” with over six million users in more than 160 countries.
Bybit Launches Grid Trading Bot
In a separate press release shared with us, the exchange outlined the release of its grid trading bot, available to all registered users as of today – June 20. They will be able to employ the bot to automate the buy and sell orders and adjust their investment amount. The statement explained how the new feature will work:
“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.”
The bot is equipped with smart AI parameters for each trading pair, 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.