Ben Zhou, the co-founder and CEO of the cryptocurrency exchange Bybit, revealed on Sunday that the firm will be laying off at least 30% of its employees as a result of the worsening bear market. The statement came two days after Zhou expressed their optimism on Bybit’s 4-year milestone. Bybit will be terminated universally. Zhou contends that in order for Bybit to manage the market downturn, it is critical to have the appropriate organizational and financial resources in place.
Zhou stated through his Twitter account that “a painful decision was taken today, but difficult times demand harsh decisions.” As part of a continuing reorganization of the company.
We are all upset by the fact that this reorganization will affect many of our beloved Bybuddies and some of our closest friends, Zhou said in a thread. We won’t forget them, and I am incredibly thankful for all of their efforts for Bybit throughout the years.
Zhou assured the impacted coworkers that the exchange would make the transition as easy as they could and meet as many of their requirements as they could.
Zhou stressed the need for Bybit to have the appropriate infrastructure and resources in place in order to manage the market downturn and be agile enough to take advantage of the numerous possibilities that lie ahead. In that manner, he continued, “we can keep delivering the crypto ark to the world with even greater ease.”
It’s been four years and a long road since those days in 2018 when we were only a derivatives exchange, Zhou said in a blog post on December 1.
In addition, he added “Along the way, we’ve had obstacles to overcome. I won’t argue that 2018 hasn’t been a rollercoaster for the cryptocurrency market; the bear market set in, some stunning departures pummelling the sector, and most recently, we were all dealt a sucker punch. FUD is rampant, and credibility and trust have been damaged.”
We’re bullish at Bybit, and we view this as the beginning of much better openness in the sector and a method to assist reduce inefficiencies in the larger crypto market,” Zhou’s blog concluded.
With the first blue-chip NFT on an F1 race vehicle and the introduction of a $100 million Institution Support Fund, the firm closed the season on a positive note.
Zhou continued by revealing that the business would soon integrate CEX and DEX, launch Brand 3.0, and release its Bybit Wallet, which is essential to Web3.
Bybit, a cryptocurrency exchange founded in March 2018, provides a professional platform where cryptocurrency traders may discover an incredibly quick matching engine, first-rate customer care, and multilingual community support.
