ByBit The exchange announced that it will cut a certain number of staff due to the ongoing crypto winter. ByBit also reduced its staff in June, but it seems that the first response was not enough.
Singapore-based ByBit exchange has announced plans to reduce its workforce. The company chose to reduce the number of workers as part of the restructuring.
The announcement was made on December 4 by Bybit co-founder and CEO Ben Zhou. He added that the planned downsizing will occur across the board.
The CEO apologized to those affected by the downsizing, stating that this step was necessary.
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
“It is important to ensure that Bybit has the right structure and resources to manage the market slowdown and is agile enough to seize the many opportunities ahead.”
ByBit Exchange Hardly Affected by Crypto Winter
Colin Wu reported that the layoff rate was 30%. He added that the dismissed employees will receive three months’ salary as compensation. Wu also reported that Bybit laid off 30% of its workforce in June. Also, at the height of the bull market, the workforce had increased from a few hundred to about 2,000.
Koinfinans.com As we reported, ByBit has a daily trading volume of $239 million and offers 265 coins and 345 pairs, according to CoinGecko. It is also known to have a reserve of 1.88 billion dollars.
In November, a spokesperson said that blue chip assets account for more than 85% of Bybit’s reserves.
As a matter of fact, ByBit is not the only company that prefers the way of layoffs. According to Layoffs.fyi, 17 crypto-related companies chose to lay off staff in November.
Kraken announced on November 30 that it was laying off 30% of its 1,100-strong workforce. Additionally, he noted that this reduction brings team size back to its level of just 12 months ago. According to Reuters, on November 29, Bitso, Coinjar, and Bitfront announced that they had decided to go out of business and that Bitfront was shutting down completely.
Among other crypto companies that have recently launched staff BlockFi, coinbase, Dapper Labs, BitMEX, Crypto.com, Mythical Games, WazirX and NYDIG is located.
As the effects of the crypto winter continue, companies in the industry are trying to inflict as few injuries as possible.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.