Bybit, a cryptocurrency exchange, has announced layoffs due to “the deepening bear market” for the second time this year after a similar announcement in June.
At 12:32 a.m. ET, Ben Zhou, CEO and co-founder of the cryptocurrency exchange based in Singapore, made the statement on Twitter.
Zhou tweeted that the planned downsizing would affect all departments and that the company will do what it could to make the transition as easy as possible for affected employees.
“For our impacted colleagues, we will try to make this process as smooth as possible and take care of each individual’s needs as much as we can.”
Following a difficult year that saw the demise of the Terra ecosystem, the hedge fund Three Arrows Capital, the prominent cryptocurrency exchange FTX, and its sister organization Alameda Research, Bybit is not alone in cutting staff.
Kraken, a cryptocurrency exchange based in San Francisco, said on November 30 that it would be laying off 1,100 employees, or 30% of the workforce, in order “to react to current market conditions.” Earlier in November, San Francisco-based competitor Coinbase, announced it would be eliminating more than 60 HR positions.
Zhou stated 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.”
Bybit Increases Presence In Industry
According to a statement made by the company very recently, the cryptocurrency exchange has launched a $100 million fund to assist institutional clients during “this challenging period in the crypto industry,”
That’s how Bybit’s CEO and co-founder put it at the time:
“We are all in this together, and it’s up to everyone to do what they can to support our industry and this is one way we are helping to give back.”