After the luna UST incident, everyone is talking about “Crypto Winter” because of the liquidity crunch that’s why Crypto Exchange reduce its workforce today’s Bybit announced layoffs workforce to survive the bear market. Bybit previously cut its workforce by an unspecified number in June. Reported by Theblock
Ben Zhou, the CEO, and co-founder of the Singapore-based crypto exchange, previously worked for XM, one of the world’s largest forex and CFD trading brokerage firms. made the announcement on Twitter at 12:32 a.m. ET.
“The planned downsizing will be across the board,” Zhou tweeted, adding: “For our impacted colleagues, we will try to make this process as smooth as possible and take care of each individual’s needs as much as we can.”
Bybit is not the only blockchain and cryptocurrency company to lay off workers as the industry tries to get back on its feet after a rough year. The Terra ecosystem, hedge fund Three Arrows Capital, major cryptocurrency exchange FTX, and its sister firm Alameda Research all went out of business last year.
You can read my previous blog post about why Crypto Exchange Layoffs because of Crypto Winter
On November 30 Kraken the world’s third-largest cryptocurrency exchange laid off more than 1,100 employees and declared a crypto winter. The company said in a blog post that the weakening in crypto markets was caused by slowing macroeconomic and geopolitical factors.
“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,” Zhou tweeted.
4) 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.
That way we can continue to deliver the crypto ark to the world with even more drive and passion.
— Ben Zhou (@benbybit) December 4, 2022
After FTX went down on November 24, Bybit set up a $100 million support fund to help institutional traders get cash.
The fund was given out at 0% interest to market makers and high-frequency trading institutions that were eligible.
The most that could be given to each applicant was $10 million, and the money could only be used to trade spot and Tether USDT forever on Bybit.