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ByBit Crypto Exchange to Cut Staff by 30 Percent as Market Slump Sees No End

ByBit Crypto Exchange to Cut Staff by 30 Percent as Market Slump Sees No End

For the staff members being laid off, ByBit is planning on assisting them in as many ways as possible, its CEO claimed.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 5 December 2022 15:40 IST

ByBit Crypto Exchange to Cut Staff by 30 Percent as Market Slump Sees No End

Photo Credit: Facebook/ ByBit

Kraken, Lemon Cash, and Genesis are other crypto players that recently cut its workforce

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Highlights

ByBit is trying to re-structure its operational structure
ByBit is laying off employees after FTX collapse
Founded in 2018, ByBit is based in Singapore

The global crypto market fell from its last year's valuation of $3 trillion (roughly Rs. 2,44,97,715 crore) to currently stand at $864 billion (roughly Rs. 70,25,994 crore) after back-to-back blows to the sector. Amid the ongoing crypto winter, ByBit crypto exchange has decided to lay-off 30 percent of its workforce. The development was confirmed by ByBit CEO Ben Zhou on Twitter. With this, the 2018-founded company has joined the list of several other crypto players who resorted to the same measure in order to make their operations more cost efficient.

Zhou has noted that the decision has been made as part of an ongoing business re-organisation amid the ongoing crypto downturn.

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

For the staff members being laid off, the company is planning on assisting them in as many ways as possible, its CEO claimed.

“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,” the company chief noted.

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As per CoinMarketCap's tracker, ByBit ranks eight out of 241 exchanges in terms of trading volumes.

Despite its rather successful performance in the ongoing crypto winter, the company's decision to slash its workforce has stirred more concerns among the community members.

Last month, after the FTX crypto exchange dramatically collapsed, the entire market experienced a major shake-up.

Genesis Owes Gemini Crypto Exchange $900 Million After FTX Collapse: Report

Kraken crypto exchange, last week, announced that it would also be slashing its global work force by 30 percent to keep its business afloat. The decision impacted around 1,100 staff members of the exchange.

Around November 25, Argentina-based Lemon Cash crypto exchange fired 38 percent of its staff as a cost-cutting measure.

In the last few months, Genesis Trading and OpenSea have also had to get rid of its team members in the aftermath of the crypto slump.

As for ByBit, this is its second round of job-cuts this year alone. The Singapore-based company had slashed an undisclosed percentage of its workforce in June 2022 as well.

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