ByBit to Layoff 30% of Staff Amid Bear Market

Trade in cryptocurrencies Ben Zhou, the CEO of ByBit, stated that the company is planning to reduce its workforce by thirty percent due to the poor market conditions, which are likely to get even worse.

According to Bloomberg, co-founder and Chief Executive Officer Zhou was quoted as saying that the cuts will be uniform across all departments.

The decision is a part of “an ongoing reorganization,” said Zhou, the goal of which is “refocusing efforts.” The exchange’s priority, he continued, is to make sure that business operations are unaffected and that client assets are safe.

He was quoted as saying that,

“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. […] Tough times demand tough decisions.”

And though the crypto winter is in full swing, ByBit’s CEO suggested it could get even colder.

He said that crypto prices trending lower and companies such as crypto lender BlockFi and crypto brokerage Genesis facing major issues and bancruptices are:

Signals “to tell us that we are entering into an even colder winter than we had anticipated from both industry and market perspectives.”

Zhou wrote that trust and credibility have “been tarnished” in the industry recently – following a number of bankruptcies and collapses, including Terra and FTX – and that FUD (fear, uncertainty, and doubt) is at an all-time high in a blog post that was published on December 1. The post was published on December 1.

He went on to say that despite this, cryptocurrency is resilient and that the industry as a whole is “greater than one bad actor.” According to the company’s chief executive officer, the ByBit team is optimistic and “sees this as the start of much better openness in the sector and a method to assist reduce inefficiencies in the larger crypto market.”

Many people in the cryptocurrency business have pointed to the prolonged bear market as the explanation for the widespread practice of laying off employees.

The news that cryptocurrency exchange Kraken will be cutting off 30 percent of its workers, or 1,100 employees, was made public during the very end of the month of November, as was previously reported. Co-founder Jesse Powell said that the decision was taken in an effort to “adjust to current market circumstances,” and that the decrease takes the platform’s team size back to where it was one year ago. He stated that the reduction gets the platform’s team size back to where it was one year ago.

Candy Digital is a non-fungible token (NFT) platform that was founded by entrepreneur and investor Gary Vaynerchuk and Michael Novogratz, the founder of the US-based crypto financial services firm Galaxy Digital. At the end of November, it was reported that Candy Digital made the decision to fire “a large chunk of its workforce.” The firm had around one hundred workers, but laid off more than thirty percent of them.

In the meanwhile, the chief executive officer of the Binance exchange, Changpeng Zhao, made a veiled reference to the possibility that other exchanges may be in trouble if they are engaging in layoffs. In a tweet that has since been removed, he issued the following warning: “Beware of platforms that: 1. advertise high APYs [Annual Percentage Yields] and/or 2. have layoffs.” If you choose not to engage in risk management at this time, you cannot blame others for the repercussions that may ensue in the future.

Compiled by Coinbold


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