Bybit Will Cut 30% of Staff Amid Bear Market

Cryptocurrency exchange Bybit will implement a new round of layoffs as it tries to refocus its business in 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 source with knowledge of the matter confirmed the screenshot to CoinDesk.

Bybit is among many firms, such as Coinbase and 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 reorganisation will impact many of our dear Bybuddies and some of our oldest friends,” he added.

Founded in 2018, Dubai-based Bybit is a relatively new cryptocurrency exchange, but has managed to accumulate a considerable amount of trading, especially with regard to derivatives. According to data from information platform CoinGecko, for the past 24 hours, the exchange ranks ninth out of 64 derivatives exchanges in terms of open interest, meaning options or futures that have not yet been settled, and 15th in terms of normalized trading volume in the spot market.

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