Bybit to Cut 30% of Jobs in Deepening Bear Market
Despite a recent spike in Crypto market volatility, Bybit is preparing to cut about 30% of its employees in order to stay afloat in the deepening bear market. It will cut about 1,100 employees from its workforce, according to a recent report. This will be the second time the crypto exchange has cut jobs in the past year, and the third time in total. This is the latest step in a long-term plan to cut costs and become more profitable.
Kraken to cut 1,100 staff members
Earlier this month, the crypto exchange giants announced plans to cut over one hundred employees. The move is just the latest of many layoffs to hit the cryptosphere this year.
Although the aforementioned move may be small potatoes, the crypto industry is still reeling from multiple bankruptcies and a bear market that has shaved off much of the demand for digital assets. In the past year, many firms have seen their revenues and trading volumes take a nosedive.
Kraken’s decision to cut a sizeable chunk of its staff is a testament to the industry’s overall malaise. The company had tripled its workforce in a few short years and was left to fend for itself in an increasingly competitive environment. It has been forced to slow down on its marketing efforts and has slashed headcount to make up the difference.
GMX flips Uniswap in daily revenue for first time ever
GMX is a decentralized spot and perpetual exchange. This is because it uses smart contracts to allow users to trade a range of commodities and currencies. It also boasts a low transaction fee. It has made waves as a serious competitor to established industry players such as Uniswap and Avalanche.
For a start, GMX is the fifth largest decentralized application on the Token Terminal’s dashboard. Its revenues increased by 107.2% over the previous month, despite a decrease in average monthly trading volume. In addition, it distributed $4.7 million in fees to its users during the month. It will also be adding significant new features in the second half of 2022. The company plans to add a X4 AMM platform and deploy its software across other chains.
BlockFi filed for Chapter 11 bankruptcy
Earlier this week, Sam Bankman-Fried’s cryptocurrency empire was officially broken into two separate parts: his crypto exchange FTX, and his trading firm Alameda Research. This comes after an implosion that saw the bank run of FTX, and the loss of more than $1 billion in assets.
In a recent interview with Bloomberg, Bankman-Fried admitted that he made some incorrect decisions. He also said that he would step away from day-to-day operations at Alameda in 2021.
Meanwhile, several other exchanges have also laid off employees. In November, Kraken announced the layoff of 1,100 employees, and Coinbase laid off 60 employees. Another crypto firm, BlockFi, filed for bankruptcy in the United States and Bermuda.
Several exchanges are also rushing to implement better checks and mechanisms to ensure the safety of their customers’ funds. Meanwhile, Pantera Capital expects more stringent measures to be imposed on platforms that deal with retail clients.
Enclave Cross platform is in beta
Several months ago, Enclave Markets announced the launch of a beta of their institutional-grade crypto trading platform. This new platform allows market participants to trade blocks of digital assets at a price determined by a pricing oracle, which references multiple external liquidity venues.
The platform is built inside a secure enclave, a highly secure data ecosystem. It is equipped with machine learning, self-service AI, data science tools, and project-specific databases. In addition, it supports cross-institutional collaboration and predictably timeframes for analyses. It eliminates the single point of failure in traditional markets, enabling participants to trade blocks of digital assets at regulated prices.
The first product available on the platform is a confidential marketplace, which does not display executed order information. All entities will go through an institutional KYC process.
