crypto exchange bybit Its CEO Ben Zhou said it plans to cut 30% of its workforce due to poor market conditions – which is likely to worsen.
Bloomberg cited co-founder and CEO Zhou as saying the cuts would be across the board.
The decision is a part of “an ongoing restructuring”, Zhou said, aimed at “concentrating efforts”. The exchange’s priority, he continued, is to ensure that business operations remain unaffected and customer assets are protected.
He was quoted as saying,
“It is critical to ensure that Bybit has the right structure and resources to navigate the market downturn and is nimble enough to seize the many opportunities ahead. […] Tough times call for tough decisions.”
And although crypto winter is in full swing, Bybit’s CEO suggested it could get even colder.
He added that crypto prices are running low and companies like crypto lender blockfi and crypto brokerage Produce Major issues and facing bankruptcy:
signal “to let us know that we are entering an even colder winter than anticipated from both an industry and market perspective.”
In a blog post published on December 1, Zhou Having said That trust and credibility has recently been “tarnished” in the industry – including several bankruptcies and collapses. Earth And ftx – and that’s more FUD (Fear, Uncertainty, Doubt).
However, crypto is resilient, he said, adding that the industry is “bigger than one rogue actor”. According to the CEO, the Bybit team is optimistic, and they see this as “the beginning of a lot more transparency in the industry and a way to help address inefficiencies in the wider crypto market.”
Layoffs have become a common occurrence in the cryptocurrency industry, with many citing the ongoing bear market as the reason.
As mentioned, crypto exchange Kraken announced In a significant job cut at the end of November, 30% of its workforce – or 1,100 people – were laid off. Co-founder Jesse Powell said the decision was made in an effort to “optimize to current market conditions,” claiming the reduction brings the platform’s team size back to a year ago.
at the end of November, it was informed of that non-fungible token (nft) platform candy digital , Founded by entrepreneur and investor Gary Vaynerchuk and Michael Novogratz, founder of the US-based crypto financial services firm Galaxy Digital – decided to lay off “a substantial part of its workforce”. More than a third of the company’s roughly 100 employees were cut.
Meanwhile, the binance Changpeng Zhao, CEO of the exchange hinted If some exchanges are resorting to retrenchment then they may have to face problems. “Beware of platforms that: 1, offer high APY [Annual Percentage Yields] And/or 2. layoffs,” he said in a now-deleted tweet. “If you don’t manage risk now, don’t blame others for consequences later.
,
learn more:
, Bybit sets up $100 million fund to support institutional clients
, Bybit is partnered with Circle
, FTX Resumes Employee Pay, Huobi Partners With Tron and DMC on Dominica Coin
, Kraken crypto exchange founder Jesse Powell says this one thing could trigger the next bull market
Bitcoin Crypto Related Post