Bybit,
a cryptocurrency exchange founded in 2018, has announced plans to carry out a
new round of job cuts across its organization. ByBit CEO and Co-Founder Ben Zhou
announced on Sunday on Twitter that the move is part of the company’s reorganization plan to “refocus our efforts for the deepening bear
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-organisation of the business as we move to refocus our efforts for the deepening bear market.
— Ben Zhou (@benbybit) December 4, 2022
The
announcement comes five months after the cryptocurrency exchange announced
plans to fire about 30% of its staff. A Bybit spokesperson told CoinDesk the goal was to “remove overlapping functions and build
smaller but more agile teams.”
The
planned action will also see about 30% of the company’s workers lose their
jobs, according to confirmed reports. This is even as Bybit last week launched a $100 million support fund for institutional clients in the crypto industry in the wake of FTX’s collapse.
Bybit
also recently moved its headquarters from Singapore to the United Arab
Emirates in order “to have a domiciled presence that does not affect our global
standing.”
Market Slowdown
Explaining
the new planned job cut, Zhou noted that it remains important for the company
to have “the right structure and resources in place to navigate the market
slowdown.” The executive added that Bybit needs to be “nimble enough to seize
the many opportunities ahead.”
“The
planned downsizing will be across the board. We are all saddened by the fact
that this reorganization 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,” Zhou further explained.
Other
Recent Retrenchment Actions
Meanwhile,
Bybit’s announcement less than one week after Kraken, one of the longest-running
cryptocurrency exchanges in the industry, pruned its global team by 30%, firing approximately
1,100 people “in order to adapt to current market conditions.”
In
recent months, other exchanges such as Gemini, Coinbase, Crypto.com, and
now-bankrupt BlockFi all reduced their employee…
