ByBit will reduce its workforce & re-organise the team

ByBit crypto exchange decided to reduce its workforce as the market entered the crypto winter season.

ByBit is an averagely popular crypto exchange and this exchange is standing at 8th rank in terms of 24 hours global crypto trade volume on its platform.

On 4 December, Ben Zhou, co-founder & CEO of the ByBit crypto exchange, took to Twitter to share a decision taken by the organisation of ByBit.

Zhou said that it was a tough decision to reduce the workforce of ByBit because of two main reasons which are the re-organization of the platform & secondly sustaining the company under a bear market phase.

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1) Difficult decision 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.

— Ben Zhou (@benbybit) December 4, 2022

ByBit co-founder also said that the latest decision will surely impact the lives of many ByBit employees & his close friends because they no longer will work for the company, who contributed hugely to the growth of the company.

“We are all saddened by the fact this reorganization will impact many of our dear Bybuddies and some of our oldest friends. I am very grateful for all of their contributions to By bit over the years and we will not forget them,” Zhou said.

Further Zhou also added that they will reduce the employee’s strength smoothly with the surety that everything is going perfectly, as a part of legal layoffs of the employees.

According to media reports, ByBit will reduce upto 30% of its staff strength and the reorganisation of the working team will make the efficiency of the employees’ work.

According to sources, the proportion of layoffs is expected to be 20% to 30%, with some partial layoffs as high as 50%. Bybit has grown from hundreds to over 2000 in 2 years.

— Wu Blockchain (@WuBlockchain) June 20, 2022

In the present time, the crypto sector is under a lot of stress due to the significant downfall in the price of crypto assets and the collapse of many crypto companies like FTX exchange, Alameda Research, Celsius, BlockFi, Voyager Digital, Genesis Global Trading, etc.

Read also: Ex Alameda Research CEO spotted in NewYork

ByBit will reduce its workforce & re-organise the team

 

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