Bybit management announced that in order to reduce losses during the crisis, it plans to significantly reduce the staff in a short period of time.
Bybit trading platform co-founder Ben Zhou clarified that the “planned reduction” of employees will affect all divisions and lines of business of the company:
“We are all saddened by the fact that the reorganization will affect many of our colleagues and partners.”
Zhou said the exchange intends to make the layoff process as smooth as possible.
“It is important to make sure that Bybit has the right structure and resources to cope with the slowdown in the market, and that the exchange is responsive enough to take advantage of all potential opportunities,” Ben Zhou added.
Cryptocurrency analyst Colin Wu believes that the layoff rate will be 30%. In June, Wu, referring to the internal documents of the exchange,
arguedthat Bybit has already fired some employees due to problems in the market. The analyst says Bybit’s workforce has grown from a few hundred to more than 2,000 in two years. The analyst added that Bybit employees will receive a three-month salary as compensation.
Recently, the management of the large American cryptocurrency exchange Kraken announced plans to cut 1,100 employees – this is about 30% of the total number of the trading platform staff.
Source: Bits
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