By George Ward
Recently, the CEO and co-founder of Bybit exchange, Ben Zhou, revealed that the organization is undertaking a restructuring project. One major part of this restructuring is the company’s plan to reduce its workforce due to the ongoing bearish market.
On December 4th, Zhou revealed that the exchange would reduce its staff, citing the ongoing bearish market. This announcement came after the CEO discussed the exchange’s 4-year achievements.
Zhou believes that it is vital for Bybit to have the proper resources and structure in place. This would help the exchange survive the crypto industry’s current slump.
On the same day, Zhou stated that the changes were part of the company’s restructuring plan. This restructuring plan aims to re-evaluate the position of the company.
In addition, Zhou said the firm would conduct a massive downsizing across all offices. He further said that the most important thing is ensuring the firm’s operations are going smoothly, and the firm is also protecting customers’ assets adequately.
Furthermore, Zhou stated that the crypto sector might be heading for a colder winter than expected. He cited the falling cryptocurrency prices and the troubles of organizations like insolvent crypto lender BlockFi.
The CEO also mentioned the latest bankruptcy filing of the crypto brokerage firm Genesis. According to him, crypto exchanges must take drastic steps to survive harsh market conditions.
Bybit Ending 2022 On A Good Note
Meanwhile, Bybit is one of many crypto exchanges that have laid off some staff. Other crypto exchanges, including Kraken, Crypto.com, and Coinbase, also had to lay off some of their workers.
Most of these exchanges cited their inability to keep paying salaries as a reason for the layoff. Colin Wu, a famous blockchain journalist, noted that Bybit would reward those employees that get laid off.
According to him, the crypto exchange will pay them three months upfront. Earlier in June, Bybit cut off about 30% of its staff. Hence, the latest layoff is the second this year.
According to CoinGecko and CoinMarketCap, Bybit is among the top ten crypto platforms in the industry according to trading volume. Last Thursday, Zhou stated in a blog post that Bybit is here to stay.
According to him, the crypto exchange had secured the biggest sponsorship in the crypto industry. This is coming after the company’s partnership with Oracle Red Bull Racing.
Oracle Red Bull Racing was arguably the biggest competition in Formula One between 2021 and 2022. Meanwhile, Bybit is closing the year on a high note after launching the first blue-chip NFT, which featured an F1 Racing car.