Bybit CEO Ben Zhou Announced A 30% Layoff Plan For The Company Employees

The bear market appears to be impacting many crypto firms. Ben Zhou, CEO of crypto exchange and trading platform Bybit, has revealed that the firm will lay off 30% of its workforce.

According to a post on Twitter by Zhou, the crypto exchange and trading platform Bybit will split ways with a substantial chunk of its workforce.

Not surprisingly, the latter calls for a bear market while also mentioning the market’s worsening.

Bybit had already laid off some of its employees a few months ago, so this statement demonstrates the gravity of the situation for a company of this magnitude.

According to reporter Colin Wu, who provided information quickly, 30% of the company employees will be affected, which is a sizable proportion. It should also be mentioned that in June of last year, the Singapore-based crypto trading company laid off a comparable amount of its employees.

As with the previous wave of layoffs, those affected will get leave benefits such as salary and assistance in making a successful career transition.

Bybit’s announcement comes only days after Kraken, one of the oldest cryptocurrency exchanges, announced the layoff of 30% of its workers. However, the oldest brother in the crypto industry, Binance, still looks forward to expanding its human resources by the end of the year.

Bybit is a cryptocurrency derivatives exchange with a wide range of advanced trading tools. It has top-notch security and a no-down-time commitment, but it’s not available in the U.S. This cryptocurrency derivatives exchange is a good fit for: Non-U.S. cryptocurrency traders who want to use margin and other derivatives.

The exchange offers only 5 crypto assets for users to margin trade and is as crypto only exchange meaning you can only fund you account with digital currency and not fiat currency. This combination of a focus on futures trading and crypto only funding makes ByBit more suited to more experienced crypto traders and speculators, and less suitable for crypto newcomers or those looking for an exchange with a diverse range of assets available for purchase and trade.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

Coincu News