Crypto exchange Bybit lays off 30 percent of its staff

Crypto exchange Bybit will go through another round of layoffs as the company tries to survive amid a deep bear market. Bybit CEO Ben Zhou announced this in a Twitter message on Sunday.

A screenshot of an internal message in which Zhou said about 30 percent of staff would be laid off was leaked earlier that day. A source with knowledge of the matter confirmed to Coindesk that the screenshot did indeed exist and was doing the rounds on Telegram.

Bybit is one of many companies that have announced layoffs in recent months as the bear market takes its toll on the industry. Bybit previously announced layoffs in June.

The crypto exchange is trying to refocus in a “deeper bear market” and the planned round of layoffs will happen across the board, Zhou tweeted.

“We are all saddened by the fact that this reorganization will affect many of our dear Bybuddies and some of our oldest friends,” he added.

Dubai-based Bybit is a relatively new crypto exchange. It was founded in 2018. Despite the fact that the company is so new, it has managed to build up quite a large trading volume, especially with regard to derivatives. The exchange ranks ninth out of 64 derivatives exchanges and 15th in terms of normalized trading volume in the spot market.

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