Cryptocurrency exchange Bybit is planning to cut its workforce by 30% amid a continued bear market in the asset class, co-founder and Chief Executive Officer Ben Zhou said.
The moves are part of an ongoing reorganization aimed at refocusing efforts, and reductions will be across the board, Zhou said Sunday, adding the priority is to ensure business operations are unaffected and client assets remain safe.
He cited crypto prices trending lower and the struggles of companies such as bankrupt crypto lender BlockFi and embattled crypto brokerage Genesis as signals “to tell us that we are entering into an even colder winter than we had anticipated from both industry and market perspectives.”
Bybit, which is ranked in the top 10 crypto exchanges by both CoinMarketCap and CoinGecko using measures including volume and confidence in the reported volumes, is the latest in a string of exchanges to announce job cuts. Peers like Crypto.com and Kraken have also reduced their workforce as the industry contends with depressed prices and lower volumes.
“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,” Zhou said. “Tough times demand tough decisions.”
In a blog post dated Thursday, Zhou had said that “Bybit is here for the long run,” and noted the exchange secured the largest-ever crypto sponsorship with the Formula One 2021 and 2022 world champions, Oracle Red Bull Racing.
“We ended the season on a high, with the first blue-chip NFT on a F1 race car,” and launched a $100 million institution support fund, he added.