Crypto exchange Bybit has announced that it will initiate layoffs by updating its roadmap.
Crypto exchanges, venture capital firms, and blockchain developers are having to cut back on staff to survive the harsh crypto winter. At the same time, there are companies in the potentially seen crypto industry doing the opposite, opening offices in new locations and markets.
Bybit Announces It Will Start Layoffs
Bybit’s Co-Founder and CEO Ben Zhou has announced a restructuring plan that includes a sharp reduction in workforce due to the bear market.
Ben Zhou, in his post on Twitter, included the situation and details about the dismissal of more than 30 percent.
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
While announcing the upcoming downsizing, Zhou shared his intention to make the layoff process as smooth as possible. Expressing this need for restructuring, Zhou said:
“It is important to ensure that Bybit has the right structure and resources to manage the market slowdown and is agile enough to seize the many opportunities ahead.”
While this statement is bad news for the affected Bybit employees, Wu reported that the employees will receive three months’ salary as compensation.
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