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Bybit lays of more staff to weather crypto storm

Bybit lays of more staff to weather crypto storm
Bybit lays of more staff to weather crypto storm

Crypto exchange Bybit is announcing another round of job cuts as it hunkers down for the crypto winter.

Ina Twitter thread posted Sunday afternoon, Bybit boss Ben Zhou says that “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.”

The latest round of cuts follows layoffs announced in June by the firm which affected 25% of the workforce. The planned downsizing will be across the board, with sources suggesting that as many of 30% of remaining staff may be affected.

Zhou says: “It’s important to ensure Bybit has the right structure and resources in place to navigate the market slowdown”.

The twitter post sparked an anxious response from jittery users

The job cuts at Bybit reflect similar downsizising measures at a host of crypto firms such as Kraken, Nydig, Bitpanda Crypto.com, Gemini and Coinbase as they battle to stay afloat in a dramatically altered market.

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[Source Finextra]

Written by Jason Flair