Bybit, one of the leading cryptocurrency exchanges in the world, announced over the weekend that it would lay off some of its workers as it looks to survive the ongoing bear market.
The co-founder and chief executive officer, Ben Zhou, revealed this in a tweet on Sunday, adding that the move is necessary for the company to survive the bear market. He said;
“We are all saddened by the fact this reorganization will impact many of our dear Bybuddies and some of our oldest friends. Regrettably, the review includes a headcount reduction across the board — with an overall impact of approximately 30%. But it’s important to ensure Bybit has the right structure and resources in place to navigate the market slowdown and that it is nimble enough to seize the many opportunities ahead.”
The CEO added that the company’s priority is to ensure that its business operations remain unaffected and that the client's assets remain safe at all times.
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
Bybit’s layoff ratio is around 30%, and the affected employees are set t receive three months’ worth of salary.
Bybit has experienced massive growth over the past two years, with its employee headcount growing to over 2,000 during that period.
The cryptocurrency exchange joins other crypto trading platforms like Coinbase and Kraken in reducing their workforce in recent months. The bear market has been in place for a year now, with the prices of most coins and tokens down by more than 70% during that period.
The total cryptocurrency market cap has dropped from the $3 trillion all-time high recorded last year to below $1 trillion.
Bybit is a cryptocurrency exchange that was launched in 2018 and offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. The low Bybit fees make it one of the fastest-growing cryptocurrency exchanges at the moment. Furthermore, Bybit reviews have generally been positive, as the exchange has provided traders with the necessary tools to trade successfully.