Bybit to Lay Off 30% of Staff Amid Crypto Winter
The exchange is trying to "refocus" amid a "deepening bear market," its CEO said on Twitter.
Crypto exchange Bybit will implement another round of job cuts as it tries to refocus its operations amid a "deepening bear market," CEO Ben Zhou announced on Sunday in a Twitter post.
A screenshot of a message in which Zhou said the layoffs would affect 30% of staff, taken from the company's internal messaging platform, was floating around Telegram group chats on the same day. A person with knowledge of the matter confirmed the screenshot to CoinDesk.
Bybit is among many firms, such as Coinbase and now-bankrupt BlockFi, that have announced layoffs in the past few months as a bear market is taking its toll on the industry. Bybit previously announced layoffs in June.
The exchange is trying to "refocus" in a "deepening bear market" and the "planned downsizing will be across the board," Zhou tweeted. "We are all saddened by the fact this reorganization will impact many of our dear Bybuddies and some of our oldest friends," he added.
Dubai-based Bybit is a relatively new crypto exchange, founded in 2018, but has managed to accumulate a fair amount of trading, particularly with regard to derivatives. The exchange ranks ninth out of 64 derivates exchanges for open interest, meaning options or futures that have not been settled, and 15th in terms of normalized trade volume in the spot market, according to data for the last 24 hours from information platform CoinGecko.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.