Bybit to Cut 30% of Workforce as Crypto Bear Market Deepens

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Cen­tral­ized cryp­to exchange Bybit has become the lat­est to axe staff as cryp­to win­ter deep­ens. The move adds to lay­offs by the com­pa­ny ear­li­er this year in June.

Sin­ga­pore-head­quar­tered Bybit has announced plans to reduce its work­force. Fur­ther­more, the move is part of an ongo­ing reor­ga­ni­za­tion of the busi­ness. It has become the lat­est cryp­to com­pa­ny to refo­cus efforts dur­ing the deep­en­ing bear market.

The announce­ment was made on Dec. 4 by Bybit co-founder and CEO Ben Zhou, who added that the planned down­siz­ing would be across the board.

He apol­o­gized to those that will be affect­ed and said that the move was nec­es­sary to sur­vive the cryp­to winter.

“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.”

Bybit Joins Long List of Crypto Layoffs

Chi­nese indus­try ana­lyst Col­in Wu report­ed that the lay­off ratio is 30%. He added that axed employ­ees would get three months’ salary as com­pen­sa­tion. Wu also report­ed that Bybit laid off 30% of its work­force in June. Fur­ther­more, its work­force had grown from a cou­ple of hun­dred to around 2,000 at the height of the bull market. 

Bybit is a spot and deriv­a­tives exchange. Accord­ing to CoinGecko, it has a dai­ly trade vol­ume of $239 mil­lion and offers 265 coins and 345 pairs. It also report­ed­ly has a reserve of $1.88 billion.

In Novem­ber, a spokesper­son told BeIn­Cryp­to that blue chip assets account­ed for over 85% of Bybit reserves.

Bybit is not the only cryp­to com­pa­ny to announce work­force reduc­tions recent­ly. Accord­ing to tech indus­try lay­offs track­er, Layoffs.fyi, 17 cryp­to-relat­ed com­pa­nies let staff go in November.

On Nov. 30, Krak­en announced that it was fir­ing 30% of its 1,100-strong work­force. Addi­tion­al­ly, it stat­ed that the reduc­tion takes the team size back to where it was only 12 months ago.

On Nov. 29, Bit­so, Coin­jar, and Bit­front all announced lay­offs with the lat­ter com­plete­ly shut­ting down, accord­ing to Reuters.

Oth­er cryp­to firms axing staff recent­ly include Block­Fi, Coin­base, Dap­per Labs, Bit­MEX, Crypto.com, Myth­i­cal Games, WazirX, and NYDIG.

Bear Market Deepens

Cryp­to mar­kets have gained a mar­gin­al 1.5% over the past 24 hours. How­ev­er, the over­all out­look is still extreme­ly bearish. 

Total mar­ket cap­i­tal­iza­tion has just topped $900 bil­lion again, hav­ing gained $80 bil­lion since the cycle bot­tom on Nov. 22.

Nev­er­the­less, mar­kets remain bat­tered and are 71% down from their peak lev­els of over $3 tril­lion in Novem­ber 2021.

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