Centralized crypto exchange Bybit has become the latest to axe staff as crypto winter deepens. The move adds to layoffs by the company earlier this year in June.
Singapore-headquartered Bybit has announced plans to reduce its workforce. Furthermore, the move is part of an ongoing reorganization of the business. It has become the latest crypto company to refocus efforts during the deepening bear market.
The announcement was made on Dec. 4 by Bybit co-founder and CEO Ben Zhou, who added that the planned downsizing would be across the board.
He apologized to those that will be affected and said that the move was necessary to survive the crypto winter.
“It’s important to ensure Bybit has the right structure and resources in place to navigate the market slowdown and is nimble enough to seize the many opportunities ahead.”
