Crypto Exchange Bybit Plans To Cut Staff Amid Deepening Bear Market

Ben Zhou, co-founder and CEO of crypto exchange Bybit, announced plans on Sunday to cut the company’s workforce by at least 30% due to a deepening bear market. The announcement comes two days after Zhou on Bybit’s 4-year milestone said they were “bullish”. Bybit’s layoff will be widespread. Zhou said it’s important to make sure Bybit has the right structure and resources to weather the market downturn.

Through his Twitter manager, Zhou said, “tough decision made today, but tough times require tough decisions.” He added: “I have just announced plans to reduce our workforce as part of an ongoing corporate reorganization as we work to refocus our efforts on deepening the bear market.”

In a thread, Zhou said, “We are all saddened 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.”

For concerned colleagues, Zhou said the exchange will try to make this process as smooth as possible and consider each individual’s needs as much as possible.

Zhou stressed the importance of ensuring that Bybit has the right structure and resources to weather the market downturn and is nimble enough to seize the many opportunities ahead. He added, “That way we can continue to deliver the crypto ark to the world with even more drive and passion.”

In a December 1 blog post, Zhou said, “It’s been 4 years and a long way since those days in 2018 when we were just a derivatives exchange.”

Additionally, he said, “we overcame challenges along the way. I won’t deny that it hasn’t been a rollercoaster year for crypto – the bear market has set in, he industry has been battered by shock releases, and more recently, we’ve all been hit with a sucker hit.Trust and credibility have been tarnished, and FUD is high.

At Bybit, Zhou’s blog added, “We are optimistic and see this as the start of greater transparency in the industry and a way to help eliminate inefficiency in the broader crypto market.” .

He revealed that the exchange secured the biggest crypto sponsorship ever with the 2021 and 2022 Formula 1 World Champions – Oracle Red Bull Racing. The company ended the season on a high, with the first top notch NFT on an F1 race car, and also launched a $100m Institutional Support Fund.

Moving forward, Zhou revealed that the company has another world first – the upcoming CEX and DEX integration; its new brand launch 3.0; and its Bybit Wallet, the key to Web3.

“We also remain driven, passionate and committed to driving the future and our mission as Crypto Ark, while advancing our goal of being the gateway to Web3,” he said.

Incorporated in March 2018, Bybit is a cryptocurrency exchange that offers a professional platform where crypto traders can find a super-fast matching engine, excellent customer service, and multilingual community support.

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