Cryptocurrency exchange Bybit plans to cut its workforce by 30 percent amid an ongoing bear market in the asset class, said co-founder and chief executive officer Ben Zhou.
The moves are part of an ongoing reorganization aimed at refocusing efforts, and the cuts will come across the board, Zhou said on Sunday, adding the priority is to ensure business operations and assets are not impacted of customers stay safe.
He cited falling crypto prices and the struggles of companies like bankrupt crypto lender BlockFi and embattled crypto broker Genesis as signals “to tell us we’re entering an even colder winter than we’re expecting from both industry and cryptocurrency markets.” also expected from a market perspective”.
Bybit, which is ranked among the top 10 crypto exchanges by both CoinMarketCap and CoinGecko on measures such as volume and confidence in reported volumes, is the latest in a series of exchanges to announce job cuts. Competitors like Crypto.com and Kraken have also reduced their workforce as the industry struggles with low prices and lower volumes.
“It is important to ensure that Bybit has the right structure and resources to navigate the market slowdown and is agile enough to seize the many opportunities ahead,” Zhou said. “Hard times require hard decisions.”
In a blog post Thursday, Zhou had said that “Bybit is here for the long haul,” noting that the exchange secured the largest-ever crypto sponsorship with 2021 and 2022 Formula 1 world champions Oracle Red Bull Racing .
“We ended the season on a high with the first blue-chip NFT on an F1 race car,” raising a $100 million fund to support institutions, he added.