As the crypto winter worsens, centralized crypto exchange Bybit has become the latest to lay off employees. The action comes after the company announced layoffs in June of this year.
Bybit, which has its headquarters in Singapore, has made plans to reduce its workforce.
Additionally, the change is a part of the company’s ongoing reorganization. It is now the most recent cryptocurrency business to refocus its efforts as the bear market gets worse.
Bybit co-founder and CEO Ben Zhou announced the decision on December 4 and added that the anticipated downsizing would be universal.
He expressed regret to those who would be harmed and explained that the move was essential to surviving the crypto winter.
According to Colin Wu, a Chinese industry analyst, the percentage of layoffs is 30%. He also mentioned that fired workers would receive three months’ worth of pay as compensation.
Wu also stated that 30% of Bybit’s staff were let go in June. At the height of the bull market, its staff had increased from a few hundred to about 2,000.