A central cryptocurrency exchange Bybit is the latest company to lay off people as the crypto winter gets worse. The company already laid off people in June of this year.
Bybit, which is based in Singapore, has said that it wants to cut some of its jobs. Also, the move is part of a business reorganization that is still going on. It is the latest cryptocurrency company to change its goals as the bear market gets worse.
Ben Zhou, co-founder and CEO of Bybit, made the announcement on December 4. He also said that the planned cuts would be made across the board.
He told those who would be affected that he was sorry and that the move was necessary to get through the crypto winter.
“It’s important to make sure that Bybit has the right structure and resources in place to deal with the slowdown in the market and is flexible enough to take advantage of the many opportunities that lie ahead.”
Colin Wu, a Chinese industry analyst, said that 30% of jobs are being cut. He also said that people who were fired would get three months’ pay as a settlement. Wu also said that in June, Bybit fired 30% of the people who worked there. At the peak of the bull market, its workforce had grown from a few hundred to about 2,000 people.
Bybit is an exchange for both spot and derivatives. CoinGecko says that daily trades are worth $239 million and that it has 265 coins and 345 pairs. It is also said to have a $1.88 billion reserve.