Last Updated on December 5, 2022 by Bitfinsider
In an effort to refocus its operations in the face of a “deepening bear market,” cryptocurrency exchange Bybit will make another round of staff cuts, according to CEO Ben Zhou’s Sunday Twitter post.
On the same day, a screenshot of a message from the business’s internal messaging system, in which Zhou claimed that the layoffs would effect 30% of the workforce, was circulating in Telegram group conversations.
A bear market is having a negative impact on the sector, as evidenced by the numerous companies that have announced layoffs recently, including Bybit, Coinbase, and the now-bankrupt BlockFi. Layoffs were previously announced by Bybit in June.
In the “deepening bear market,” the exchange is attempting to “refocus,” and the “planned downsizing will be across the board,” Zhou tweeted. We are all saddened by the fact this reorganisation will impact many of our dear Bybuddies and some of our oldest friends,” he added.
Dubai-based Bybit, a relatively young cryptocurrency exchange that was established in 2018, has amassed some trade, mainly in derivatives. According to statistics from information platform CoinGecko for the previous 24 hours, the exchange is ranked ninth out of 64 derivatives exchanges for open interest, which refers to options or futures that have not yet been settled, and fifteenth in terms of normalized trade volume in the spot market.
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