Cryptocurrency exchange Bybit intends to reduce its employees by 30 percent in the face of the ongoing market slump.
The moves are part of an ongoing restructuring targeted at refocusing operations, and layoffs will be implemented across the board.
CEO and co-founder Ben Zhou confirmed the cuts and added the aim is to keep business operations running smoothly and to protect client assets.
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He highlighted dropping crypto prices and the challenges of firms like insolvent crypto lender BlockFi and struggling crypto brokerage Genesis.
He said these are signals “to tell us that we are entering into an even colder winter than we had anticipated from both industry and market perspectives.”
Bybit is the most recent exchange to report job cuts.
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It has been listed in the top 10 crypto exchanges by CoinMarketCap and CoinGecko, using metrics like volume and trust in reported volumes.
Peers such as Crypto.com and Kraken have also downsized their staff as the sector deals with lower volumes and weaker pricing.
Mr. Zhou said: “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.
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“Tough times demand tough decisions.”
Zhou stated in a blog post on Thursday that “Bybit is here for the long run.”
He stated that the exchange has obtained the largest-ever crypto sponsorship with Oracle Red Bull Racing, the Formula One world champions for 2021 and 2022.
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