Kraken, Coinbase and now Bybit: Bybit plans to reduce 30% of its staff ‘To navigate the market.’

Cofounder and chief executive officer of the company, Bybit, Ben Zhou, stated in a statement shared with Forkast on Sunday that Bybit is planning to decrease the count of staff by 30%, which is involved in the plan of a company reorganization. 

Bybit is a cryptocurrency exchange introduced in March 2018. The co-founder and Ceo of the company Ben Zhao are from one of the world’s largest forex and CFD trading brokerage firms, XM. The company provides API support, trading & mining support to retailers worldwide.

The Ceo’s perspective —

Zhao mentioned on Twitter, “difficult decisions made today, but tough times demand tough decisions. I have just announced plans to reduce our workforce as part of an ongoing re-organisation of the business as we move to refocus our efforts for the deepening bear market.”

The Ceo of Bybit, Ben Zhou, has also mentioned that the company must ensure the capabilities to navigate the market, especially when slowing down. Capabilities such as structure and resources. 

Zhou addresses in a blog on December 1, “It’s been 4 years and a long road traveled since those days in 2018 when we were merely a Derivatives exchange.”

He added, “we’ve overcome challenges along the way. I won’t deny that it hasn’t been a rollercoaster year for crypto — the bear market took hold, the industry was battered by some shock exits, and more recently, we were all hit with a sucker punch. Trust and credibility have been tarnished, and FUD is high.”

The impacted staff —

The Ceo shared his regrets on reducing his dear bybuddies. He thanked all for their contributions to the company and said, ‘we will not forget them. He said the company would try its best to fulfill every individual need and make this reducing process as simple as possible. The rest of the employees will focus on the vision of the company. 

Kraken and Coinbase have done the same as Bybit is doing. Kraken laid off 30% of its staff, and Coinbase laid off around 18% of its employees in the past few weeks.