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Bybit announces second round of layoffs in 2022 to survive bear market

Published on

February 4, 2023
Read Time:1 Minute, 45 Second

Sure, the bear market weeds out the dangerous participant, but it surely additionally forces present gamers to rethink their enterprise methods to offset the ensuing losses. On this regard, crypto alternate Bybit introduced mass layoffs for the second time in 2022.

Ben Zhou, Bybit's co-founder and CEO, introduced a restructuring plan that features extreme job cuts amid an ongoing bear market. The "deliberate job cuts" impacts workers throughout the board:

"We're all saddened that this reorganization will have an effect on lots of our pricey bybuddies and a few of our oldest pals."

Unbiased reporter Colin Wu identified that the layoff price is 30%. On June 20, Bybit quietly fired workers citing unsustainable progress Approved by way of leaked inside paperwork. Bybit's workforce grew from just a few hundred to over 2,000 in two years.

1) Troublesome choice made as we speak, however tough occasions name for tough choices. I've simply introduced plans to cut back our workforce as a part of an ongoing company restructuring as we refocus our efforts on the deepening bear market.

— Ben Zhou (@benbybit) December 4, 2022

Saying the upcoming downsizing, Zhou shared his intention to make the offboarding course of as easy as potential. Enough this want for restructuring, Zhou mentioned:

"It is very important guarantee Bybit has the proper construction and assets to deal with the market slowdown and is agile sufficient to reap the benefits of the numerous alternatives forward."

For affected Bybit workers, the revelation is a tough capsule to swallow, however Wu reported that workers would obtain three months' wage as compensation.

Associated: Bybit releases reserve pockets addresses amid requires transparency

On Nov. 24, Bybit launched a $100 million assist fund to offer liquidity to institutional merchants after the FTX collapse.

The fund has been made out there to authorised market makers and excessive frequency buying and selling establishments and has been distributed at a 0% rate of interest.

The utmost quantity distributed per applicant was $10 million on the situation that the funds could be used for steady spot and tether buying and selling (USDT) on Bybit.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : February 4, 2023
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