The bear market continues its work: Ben Zhou, the CEO of the cryptocurrency exchange and trading platform Bybit, has just announced that the company has to lay off 30% of its staff. Bybit had already laid off some of its employees a few months ago, so this announcement marks the seriousness of the situation for a player of this scale.
Bybit forced to give up some of its staff
Cryptocurrency exchange and trading platform Bybit is to let go of a significant portion of its staff, according to a Twitter statement from its CEO Ben Zhou. Not too surprisingly, he cites the bear market, mentioning in addition “worsening” market conditions.
1) Difficult decision made today, but tough times demand tough decisions. I have just announced plans to reduce our workforce as part of an ongoing re-organisation of the business as we move to refocus our efforts for the deepening bear market.
– Ben Zhou (@benbybit) December 4, 2022
“A tough decision was made today, but tough times call for tough decisions. I have just announced plans to reduce our workforce as part of an ongoing reorganisation of the business, as we move to refocus our efforts to address the worsening bear market. “
According to reporter Wu Blockchain, who quickly shared the information, 30% of Bybit’s staff would be affected, which is an absolutely huge share. It should also be remembered that the Singapore-based cryptocurrency exchange platform had already laid off the same share of its workforce back in June.
At that time, the company had 2,000 employees, so its current number of employees should have been roughly halved from that time following today’s announcement.
As with the previous round of redundancies, the affected employees will still receive severance benefits such as compensation and support to make a smooth transition.
Ben Zhou adds:
“It is important to ensure that Bybit has the structure and resources to deal with the market downturn and is agile enough to take advantage of the many opportunities ahead. “
This move by Bybit comes just days after Kraken, one of the oldest cryptocurrency exchange platforms, also announced that it was shedding 30% of its staff.
