Singapore-based crypto exchange, Bybit, has made known its plan to reduce its workforce, citing the market conditions as the reason for such a move.
Announcing this in a Twitter post, the CEO of the exchange, Ben Zhou, stated they had made a difficult decision to downsize due to the worsening bear market.
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
Bybit stated this was part of the re-organization currently happening in the company to re-position better for the market. This will be happening across all boards.
This announcement also comes days after the exchange celebrated its 4th anniversary in the crypto space, stating how eventful the year has been for them. Bybit earlier announced it would be celebrating the milestone with its customers.
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As such, the exchange organized the BybitGe4rUp, which will serve them 30 days of fun and celebration throughout December.
This is reported to be its second layoff for the year. Earlier in June, Ben issued an internal letter about layoffs. He noted that the company’s size grew exponentially, but not the same for growth. Hence, Ben aimed to build a smaller team to improve the exchange’s efficiency.
Ben acknowledged that reducing the company’s workforce will affect many of its Bybuddies and oldest friends. He expressed gratitude for their contributions throughout the years and made it known that the company would never forget them.
For the colleagues affected by the decision, Ben stated the company would make the journey smooth and easy for them. The exchange will try its possible best to take care of each individual’s needs.
To those that will continue working with the company, Ben emphasized how important it is for them to ensure Bybit has the right structure and resources needed to navigate the bear market. This would enable them to seize opportunities as they come, hence, delivering the crypto ark with more passion and drive.
