- Bybit announced plans to reduce the workforce.
- The planned downsizing will be across the board.
- Bybit promised the impacted colleagues a smooth process.
A recent story states that the derivatives exchange Bybit revealed intentions to downsize its employees on December 4. This is allegedly a part of the company’s ongoing restructuring. The layoff percentage is a startling 30%. Bybit already had a layoff this year in June.
The Singapore-based cryptocurrency exchange has added its name to a lengthy list of businesses that have let go of part of its staff. This occurs when the cryptocurrency market experiences uncertain times. Businesses are also looking for innovative methods to reduce expenses and remain afloat.
According to the co-founder and CEO of Bybit, Ben Zhou, the planned downsizing will be across the board.
We are all saddened by the fact this reorganization will impact many of our dear Bybuddies and some of our oldest friends. I am very grateful for all of their contributions to Bybit over the years and we will not forget them. Ben Zhou
Bybit promises the impacted colleagues a smooth process. The CEO also promises to take care of each individual`s needs as much as the firm can.
Zhou also went ahead to talk to employees who will carry on the mission and vision of Bybit.
“It’s important to ensure Bybit has the right structure and resources in place to navigate the market slowdown.”
He also emphasizes being 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.”
Other businesses, however, maintain an aggressive employment program because they claim the market is growing. This calls into doubt the reasoning offered by the companies laying off workers.
