ByBit and BitOasis have announced layoffs amid a severe bear market. The news comes as the companies are trying to weather the storm and keep their operations running smoothly.
The two companies have been hit hard by the bear market, which has caused them to lay off employees. The layoffs are not related to the cybersecurity attacks that have plagued crypto exchanges this year but rather to their inability to raise enough capital to continue operating.
BitOasis is a cryptocurrency wallet provider founded in 2018 by former executives at Deloitte Digital and Microsoft. The company has raised over $100 million from investors participating in its initial coin offering (ICO). ByBit is a blockchain-based asset management platform that allows users to trade cryptocurrencies easily.
At the time of writing, ByBit’s market cap is $152 million, and its trading volume is $4 million per day. Currently, it is ranked #138 in terms of overall market cap and #46 on Coin Market Cap’s list of top altcoins by volume traded.
This is not the first time ByBit has had to lay off employees because of market conditions; they also did so in 2017 due to low bitcoin prices. However, the company was able to weather both storms relatively well, as they could return with more cash on hand than ever before when things started looking up again.
In a statement, ByBit said they are under pressure to make cuts due to “the current financial climate.” However, the company added that it was “in the process of reviewing its business and identifying the areas that will contribute most to the growth of our business going forward.”
Meanwhile, the cryptocurrency exchange BitOasis, based in the United Arab Emirates (UAE), decided to lay off nine employees on Sunday, making it one of the most recent companies to do so in response to the economic downturn, according to a report by Reuters.
The statement also noted that even though the cryptocurrency market has been very volatile recently, it believes that this volatility is “a good thing” because it means more growth opportunities.