The Singaporean cryptocurrency exchange Bybit announced cutting its workforce by 30% is fundamental to its reorganization. Bybit chief executive Ben Zhou confirmed the regrettable decision to reduce its headcount to navigate the bearish crypto market.
Bybit Confirms Axing 30% of Personnel
The Sunday statement indicated the layoff was critical to ensure ByBit has a balanced structure to overcome the prevailing market meltdown and seize opportunities ahead.
The message shared with Forkast on December 4 affirmed Bybit’s priority in protecting business operations from the contagion effect following the FTX downfall. Zhou’s communication assured Bybit users of their assets’ and deposits’ safety.
Announcing the headcount reduction, Zhou pointed out that Bybit had recently initiated a strategic review of its structure, personnel, and business. Although the statement failed to disclose the staff size, the layoff plan is set to leave the crypto exchange with a reduced workforce.
Earlier in June, Bybit announced a collective 30% layoff in Singapore, Taiwan, and Hong Kong offices. Bybit specializes in derivatives and spot exchange services. Data from CoinGecko shows the exchange portfolio has 265 coins and over 340 pairs. Bybit has a $238 million daily trade volume and a $1.88 billion reserve.
Bybit’s co-founder admitted the planned downsizing was saddening as it affected Bybuddies and older staff. Nevertheless, Zhou acknowledged their input since Bybit started operations in 2018. The executive calmed affected colleagues by confirming a smooth process to address their needs.
While conveying the plans via Twitter, Zhou explained that tough times warranted reaching the difficult decisions. Zhou challenged the retained staff to deliver Bybit’s crypto ark with passion and drive despite the deepening bear market.
A subsequent report by Collin Wu, an industry analyst, revealed Bybit is issuing a three-month compensation to the axed employees. While this announcement further reduces its staff, Wu acknowledges that Bybit had realized accelerated staff growth to over 2000 during the bullish crypto market.
Layoff Trend in Crypto-Related Firms
The Sunday layoff plan announcement cements Bybit’s entry to the list of crypto firms executing headcount reduction.
Previously, CryptoCom took drastic measures in downsizing its staff. Coinbase would replicate the decision with an 18% cut announced in June.
Later, Winklevoss-led Gemini, Huobi, BlochainCom, and recently Kraken followed suit by axing 30% of its staff. Such trend signals the anticipation of colder crypto winter in future.
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