Tuesday, February 7, 2023
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Bybit Plans To Announce Another Round Of Layoffs In 2022

Ben Zhou, co-founder and CEO of Bybit, has unveiled a plan to restructure the firm in response to the prolonged bear market. The plan calls for the company to have a lot fewer workers than it does now.

According to the report of an independent reporter named Colin Wu, the ratio of workers who were laid off was thirty percent, and those employees who were let go would get three months’ worth of compensation. According to an earlier report by Wu, which was published in June, Bybit conducted the first wave of layoffs in secret and cited unsustainable growth as the reason. Within the space of only a few years, Bybit’s workforce increased from a few hundred to more than 2,000 people.

When Zhou told everyone about the upcoming cut, he also said that he wanted to make the process of getting off the ship as easy as possible. After FTX failed on November 24, Bybit started running a support fund with a goal of raising $100 million to help institutional traders get cash.

The fund was made available to institutions that were suitable for high-frequency trading and market making, and there was no interest attached to the distribution of the money. The maximum amount that could be given away to any one application was ten million dollars, and the stipulation that the money be used for spot and Tether USDT tickers down $1.00 everlasting trading on Bybit was a prerequisite for receiving the fund.

In the midst of the economic downturn, the cryptocurrency exchange business stated in June of this year that it would be cutting around 1,100 jobs, which corresponded to 18% of its total staff. The company’s current CEO and co-founder, Brian Armstrong, was quoted as saying that although the organisation did all in its power to get this right, it was obvious that they had employed more people than they needed.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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