Cryptocurrency exchange Bybit has announced that it will push on with a new round of job cuts to cope with the “crypto winter” which has forced several companies to resort to the same measure.
In a social media post on Twitter, Bybit CEO Ben Zhou said that the layoffs are likely to impact around 30% of the workforce. The news has been confirmed to CoinDesk, a specialist crypto publication.
Bybit is not the only company to be impacted by the sharp downturn in cryptocurrency markets of late. Other prominent entities that have had to resort to layoffs include Coinbase, Crypto.com and BlockFi. BlockFi also filed for bankruptcy.
All three companies have chimed in that the bear market has proven too much and many have grumbled that it is all FTX’s fault.
Bybit previously announced layoffs in June with the company forced to continue slashing its workforce to cope.
The downsizing will be “across the board”, the chief executive said, adding: “We are all saddened by the fact this reorganization will impact many of our dear Bybuddies and some of our oldest friends.”
Bybit is one of the newest cryptocurrency exchanges on the market. It only launched in 2018 and is headquartered in Dubai.
It’s still a prominent name in the industry but the difficult times the market is experiencing have impacted it as well. Reducing company workforce has been the lesser of two evils.
The collapse of FTX led to a series of freezes whereby consumers were unable to withdraw their funds, prompting concerns that they would lose their funds completely.
Most recently, it was revealed that Genesis is now on the hook for $900m of Gemini client funds.
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