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Crypto exchange Bybit plans to reduce workforce due to deepening bear market

Bybit is a cryptocurrency exchange that offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service, and multilingual community support. (Bloomberg)Premium
Bybit is a cryptocurrency exchange that offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service, and multilingual community support. (Bloomberg)

  • The announcement comes two days after Zhou on Bybit's 4-year milestone said, they are 'bullish'. Bybit's layoff will be across the board.
  • According to Zhou, it is important to ensure that Bybit has the right structure and resources in place to navigate the market slowdown.

Ben Zhou, co-founder, and CEO of crypto exchange Bybit on Sunday announced plans to reduce 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 are 'bullish'. Bybit's layoff will be across the board. According to Zhou, it is important to ensure that Bybit has the right structure and resources in place to navigate the market slowdown.

Through his Twitter handler, Zhou said, "difficult decision made today, but tough times demand tough decisions." He added, "I have just announced plans to reduce our workforce as part of an ongoing re-organisation of the business as we move to refcus our efforts for the deepening bear market."

In a thread, Zhou said, "We are all saddened by the fact this reorganisation 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 the impacted colleagues, Zhou said the exchange will try to make this process as smooth as possible and take care of each individual's needs as much as they can.

Zhou emphasized the importance of ensuring that Bybit has the right structure and resources in place to navigate the market slowdown 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 blog on December 1, Zhou said, "It’s been 4 years and a long road traveled since those days in 2018 when we were merely a Derivatives exchange."

Further, he said, "we’ve overcome challenges along the way. I won’t deny that it hasn’t been a rollercoaster year for crypto — the bear market took hold, the industry was battered by some shock exits, and more recently, we were all hit with a sucker punch. Trust and credibility have been tarnished, and FUD is high."

At Bybit, Zhou's blog added, "we’re bullish, and see this as the start of much greater transparency in the industry and a way to help remove inefficiency in the wider crypto market."

He revealed that the exchange secured the largest-ever crypto sponsorship with the Formula One 2021 and 2022 world champions — Oracle Red Bull Racing. The company ended the season on a high, with the first blue-chip NFT on an F1 race car, and also launched a $100 million Institution Support Fund.

Going ahead, Zhou revealed that the company has another world first — the upcoming integration of CEX and DEX; its new Brand 3.0 launch; and its Bybit Wallet, the key to Web3.

"We remain as driven, passionate, and as determined to drive the future and our mission as the Crypto Ark, while moving forward 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 an ultra-fast matching engine, excellent customer service, and multilingual community support.

 

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