- Bybit celebrated the 4-year milestone on December 1
- Said it aims to ensure the right structure and resources
Cryptocurrency exchange Bybit will undertake another round of job cuts due to the prolonged bear market, co-founder and CEO Ben Zhou said on Sunday in a Twitter thread.
Reorganization in View of Bear Market
“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,” Zhou said in this first tweet.
Acknowledging the contributions of outgoing employees in the progress of the company, the Bybit CEO has said that the job cuts will be across the board. He also assured the severance will be as smooth as possible, taking care of each departing employee’s needs.
“It’s important to ensure Bybit has the right structure and resources in place to navigate the market slowdown and is nimble enough to seize the many opportunities ahead. That way we can continue to deliver the crypto ark to the world with even more drive and passion,” he said in his concluding tweet.
Bybit is expected to reduce its workforce by at least 30%. The news comes within days of the company completing four years and Zhou proclaiming in a blog that the company is bullish.
“Many of those looking for us to fail have been disappointed… We shall build back: bigger, better and stronger… At Bybit, we’re bullish, and see this as the start of much greater transparency in the industry and a way to help remove inefficiency in the wider crypto market,” Zhou said in his blog on December 1.
30% job cuts in June 2021
Bybit had gone for a job-cut also in June 2021 when it removed at least 30% from its 2,000-strong team. At that time the company said, “We are exploring a way to remove overlapping functions and build smaller but more agile teams to improve our efficiency. Starting from this week, some of the functions and roles will be reviewed to ensure we stay focused and agile.”
Bybit, which provides both futures and spot trading services, said it has over 6 million users with about 200,000 active users. The company had reportedly spent $150 million on a sponsorship deal with the F1 team Red Bull Racing.