The cryptocurrency exchange Bybit will trim its staff as part of a business reorganisation amid a prolonged bear market. This was stated by co-founder and chief executive Ben Zhou.
2) The planned downsizing will be across the board.
We are all saddened by the fact this reorganisation will impact many of our dear Bybuddies and some of our oldest friends. I am very grateful for all of their contributions to Bybit over the years and we will not forget them.— Ben Zhou (@benbybit) December 4, 2022
According to Zhou, the company intends to refocus its efforts amid the prolonged crisis. He stressed that the reorganisation will affect all units of the group.
“The planned downsizing is comprehensive. […] It is important to ensure that Bybit has the right structure and resources to weather the downturn, and is agile enough to seize numerous opportunities in the future,” wrote the head of the company.
Zhou also said the exchange would strive to make the process as smooth as possible for affected staff.
Bybit joined a group of crypto-industry participants that have decided to cut staff amid the decline in digital asset prices.
On November 30, the Kraken platform reported layoffs of around 1,100 employees, or about 30% of its staff.
Earlier in the same month Coinbase announced the layoffs of 60 workers.
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