the crypto winter worsened and forced companies to fire. To exchange Bybit based in Singapore, it is second wave on dismissal.
It was never a time of calm among crypto players. In contrast, the news is more turbulent than ever for companies that specialize in trading, including exchanges.
Crypto exchange based in Singapore Bybit specialist in derivatives thereby announcing a second wave of layoffs. It is its CEO and co-founder, Ben Zhouwho took it upon himself to deliver the bad news on Twitter.
Refocus efforts in the face of worsening bears
A tough decision was made today, but tough times call for tough decisions. I recently announced plans to reduce our workforce as part of an ongoing corporate reorganization as we prepare to focus our efforts on dealing with a deteriorating market. to the bear,” he wrote in a tweet on December 4.
In June, after Coinbase and Gemini, Bybit formal an initial restructuring and departures. In both cases, leaders declined to specify the extent of the job cuts.
It is important to ensure that Bybit has the structure and resources necessary to face the slowdown in the market and that it is agile enough to take advantage of the many opportunities that will come”, emphasized Ben Zhou.
However, the Asian exchange is not the only one that has suffered backlash with the bankruptcies of the Terra ecosystem, the hedge fund Three Arrows Capital, Celsius and more recently FTX and its market maker Alameda.
Continued Consolidation Among Crypto Exchanges
This summer, Kraken said it wants to continue supporting its growth, like Binance. But the San Francisco-based stock exchange had to resign last week to dismissal. 30% of the exchange’s employees are affected. However, the speech was meant to be filled with a form of optimism.
We need to grow rapidly, more than tripling our workforce to provide these customers with the quality and service they expect from us. This reduction brings the size of our team back to what it was just 12 months ago,” said Jesse Powell, its co-founder.
This is a moving in the background to go to market, as Coins.co.uk underlined it in the last edition of the Récap. The shock wave caused by the bankruptcy of FTX continues to spread, favoring the concentration of exchanges.
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