Bybit, a cryptocurrency exchange, will slash another wave of jobs as it works to refocus its operations amid a “deepening bear market,” CEO Ben Zhou revealed on Twitter on Sunday.
On the same day, a screenshot of a communication in which Zhou stated that the layoffs would effect 30% of the workforce, taken from the company's internal messaging network, was circulated among Telegram group chats.
Bybit is one of many companies, including Coinbase and the now-defunct BlockFi, that have announced layoffs in recent months as the industry suffers from a bear market. Bybit has already announced job cuts in June.
In a “deepening bear market,” the exchange is attempting to “refocus,” and “planned shrinkage will be across the board,” according to Zhou. “We are all disturbed by the fact that this reorganization will have an impact on many of our close Bybuddies and some of our longest friends,” he continued.
Dubai-based Bybit is a relatively new cryptocurrency exchange, formed in 2018, yet it has amassed a substantial volume of trade, particularly in derivatives. According to data from the information portal CoinGecko for the last 24 hours, the exchange ranks ninth out of 64 derivatives exchanges in terms of open interest, which refers to options or futures that have not been settled, and 15th in terms of normalized trade volume in the spot market.
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