Bybit Announces Launch of Grid Trading Bot

Crypto exchange platform Bybit has announced the launch of its grid trading bot.

The company announced that the new grid trading features went live for all registered users from June 20. It further added that users will also have access to the grid trading bot to automate their buy and sell orders and adjust their investment amount.

“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,” Bybit said in an announcement.

The grid trading bot assists users in carrying out the Grid Trading Strategy. It enables users to place a series of purchase and sell orders within a given price range.

The system is based on the trading principle of buying at a low price and selling at a higher price to earn the difference.

Bybit says their AI parameters maximize profits for our users. According to the company, users can share their strategy with a fellow trader once they have set up their trading bot and if they are earning a good return.

“Bybit’s VIP users can enjoy the same trading discounts using the new bots, while those on track to becoming VIPs can more quickly advance their level thanks to the bot’s higher trading frequency,” the company said in its announcement.

Company Staff Layoffs

However, the trading company has joined the list of cryptocurrency exchanges that have revealed plans to lay off their staff in a bid to reposition their businesses amid the ongoing crypto market slump, Blockchain.News reported. 

The latest layoff of the Bybit was unveiled through an internal letter shared with employees by the platform’s Chief Executive Officer, Ben Zhou. A copy of the letter from Zhou was posted on Twitter by Chinese independent crypto Journalist, Colin Wu, and has been affirmed by other mainstream media platforms.

In the letter, Zhou emphasized the need to downsize, considering some of the staff are not needed in the wake of the menacing economic realities. Zhou said the company’s workforce grew from a few hundred in early 2020 to more than 300% at this time.

The company attributed to the recent bear market on the stock market and the turmoil in the crypto market, “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.”