The world is going through a tough time and these days layoff is a piece of news globally. If we talk about the crypto industries then there are a few exchanges that have reduced their manpower last few weeks because of the crypto winter. It is understood that when there is less revenue then it becomes difficult for the company to manage more people and cost-cutting is the only solution they go for to keep their operations sustainable. They must be a good balance between revenue and cost and now when the crypto market is down it becomes a problem for many exchanges how they are going to manage the same manpower. During the Bull run, most of the exchanges have done bulk hiring because of the increase at work and now when this is reducing so it is obvious that we are going to see people losing their job.
The world economy is not being well and because of this weekend expect the recession. As of now, very few companies have done the layoff from different domains but it is expected that more companies may join the trial which means they will be many more job cuts in the next year. Losing a job is a painful thing for anyone because we lose the earning potential and finding another job is not easy. Even sprinterlands has done this and reduced their manpower by 45%.
I know that the market condition is not good but I feel sad for the people who are affected by this market situation. I believe this is not the right approach because it will always happen in any market. It will go up and will also fall down so when it is a then more people will be an employee at but when it goes down then these people will lose the employment. There should be a way to tackle this problem and find a solution that can help the companies as well as the people. We cannot force any company to keep them retained with them because it is not the right choice and it can also hamper operation but if we think beyond walks and find out a solution where people do not lose their job even in crypto winter then it will be great. It can just be the news for people who are not affected but it is a worrying situation for the people who have lost their job or are about to lose soon.
CEO Ben Zhou said the layoffs would affect 30% of staff, taken from the company's internal messaging platform, which was floating around Telegram group chats on the same day.
The Buybit is one of the crypto exchanges and this has announced that it will be bringing its manpower down by 30%. I hope this train stops and there is another way to manage the cause on these exchanges rather than kicking out the people from the company. Bybit is among many firms, such as Coinbase and now-bankrupt BlockFi, that have announced layoffs in the past few months as a bear market is taking its toll on the industry. Bybit previously announced layoffs in June.
I believe some exchnages are trying to keep a close eye on the crypto market and how long they will be able to manage their operations without jobs cut but if the crypto winter stays for long then we can see more layoffs happening in crypo exchnages.
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