The bear market continues its work: Ben Zhou, the CEO of the cryptocurrency exchange and trading platform Bybit, has just announced that the company must separate 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 size.
Bybit forced to abandon part of its staff
The cryptocurrency exchange and trading platform Bybit will part ways with a significant portion of its staffaccording to a Twitter statement from its CEO Ben Zhou. Without too much surprise, the latter invokes the bear market, mentioning in addition the “worsening” of the state of the market.
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-organization 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 demand tough decisions. I have just announced plans to reduce our workforce as part of an ongoing corporate reorganization as we prepare to refocus our efforts to weather the worsening bear market. »
According to the journalist Wu Blockchainwho quickly shared the information, 30% of Bybit staff would be affected, an absolutely considerable part. It should also be recalled that the Singapore-based cryptocurrency exchange platform had already laid off the same part of its workforce last June.
At that time, the company then had 2,000 employees, so its current number of employees should have been around divided by 2 compared to this period following today’s announcement.
As in the previous wave of layoffs, the employees concerned will however benefit from departure benefits such as compensation and support to make their professional transition smoothly.
Ben Zhou adds :
“It is important to ensure that Bybit has the structure and resources to weather the market downturn and is nimble enough to seize the many opportunities ahead. »
This move by Bybit comes just days after Kraken, one of the oldest cryptocurrency exchanges, also announced that it was shedding 30% of its staff.
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Source : Wu Blockchain
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