ByBit intends to assist the laid-off employees in as many ways as possible, according to its CEO.
Following back-to-back blows to the sector, the global crypto market fell from a valuation of $3 trillion (roughly Rs. 2,44,97,715 crore) last year to $864 billion (roughly Rs. 70,25,994 crore) today. In the midst of the ongoing crypto winter, ByBit has decided to lay off 30% of its workforce. Ben Zhou, CEO of ByBit, confirmed the news on Twitter. With this, the 2018-founded company has joined the ranks of several other crypto players who have used the same tactic to reduce operating costs.
Zhou stated that the decision was made as part of an ongoing business reorganisation in the midst of the ongoing cryptocurrency downturn.
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
The company intends to assist the laid-off employees in as many ways as possible, according to its CEO.
“It’s critical that Bybit has the right structure and resources in place to navigate the market slowdown and be agile enough to seize the many opportunities ahead,” the company’s CEO said.
In terms of trading volumes, ByBit ranks eighth out of 241 exchanges tracked by CoinMarketCap.
Despite its relatively successful performance during the current crypto winter, the company’s decision to reduce its workforce has raised additional concerns among community members.
Following the dramatic collapse of the FTX crypto exchange last month, the entire market was thrown into disarray.
Last week, Kraken announced that it would be reducing its global workforce by 30% in order to keep its business afloat. The decision affected approximately 1,100 exchange employees.
As a cost-cutting measure, the Argentina-based Lemon Cash crypto exchange laid off 38% of its employees around November 25.
Genesis Trading and OpenSea have also had to lay off employees in the aftermath of the crypto crash in recent months.
ByBit is laying off employees for the second time this year. In June 2022, the Singapore-based company cut an unspecified percentage of its workforce.