Bear market : Bybit exchange lays off 30% of its employees

The bear market continues its work: Ben Zhou, the CEO of the cryptocurrency exchange and trading platform Bybit, has just announced that the company has to part with 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 scale.

Bybit forced to give up part of its staff

Crypto-exchange and trading platform Bybit will be shedding a significant portion of its staff, according to a Twitter statement from its CEO Ben Zhou. Not too surprisingly, the latter cites the bear market, mentioning in addition “worsening” market conditions.

“A tough decision was made today, but tough times call for tough decisions. I have just announced plans to reduce our workforce as part of an ongoing reorganization of the company, as we move to refocus our efforts to address the worsening bear market.”

According to reporter Wu Blockchain, who quickly shared the information, 30% of Bybit’s staff would be affected, which is an absolutely considerable share. Moreover, let’s remember that the Singapore-based cryptocurrency exchange platform had already laid off the same share of its workforce last June.

At that time, the company had 2,000 employees, so its current number of employees should have been roughly halved from that time following today’s announcement.

As with the previous round of layoffs, the affected employees will receive severance benefits such as compensation and support for a smooth transition.

Ben Zhou adds:

“It’s important to ensure that Bybit has the structure and resources to deal with the market downturn and is agile enough to take advantage of the many opportunities ahead.”

Bybit’s move comes just days after Kraken, one of the oldest crypto-exchange platforms, also announced that it was shedding 30 percent of its staff.