Bybit is the latest name facing difficulties in financing its operations and fighting for its sustainability. The company’s CEO addressed the community on Dec 3, 2022, and shared the company’s current situation.
He further added that the crypto firm has no other option but to offload its employees to make the firm sustainable.
The current bearish trend has lasted longer than usual. As a result, investors have pulled out their money and crypto assets from the various Blockchains.
The current market volatility which started following the demise of FTX now has posed serious threats to the sustainability of many crypto firms like Genesis Global, Alameda Research, and most recently Bybit.
Bybit is relatively a newly found cryptocurrency exchange that was established back in 2018.
The sole purpose behind the creation of Bybit was to provide crypto traders with a platform that not only uses a hyper-matching engine but also offers the utmost customer satisfaction and support to traders.
Ben Zhou, the CEO of Bybit, said that reducing the workforce is the only feasible option for the crypto exchange at the moment.
He also added that top-tier leadership is in an extremely painful situation as they are aware of the fact that this decision will cause pain to many members of our community.
Bybit to Terminate 30% of Its Workforce
Colin Wu, a freelance journalist on December 3, 2022, confirmed Bybit is likely to terminate almost 30% of its workforce.
This is not the first time this year that Bybit has decided to lay off its workers, back in June 2022 the company also fired its workforce due to the company’s unstable growth.
Bybit total employees number reached up to 2,000 in just 2 years.
As Zohu announced downsizing, he made it clear that the aim is to make the process as smooth as possible.
He said that its time to restructure the company’s current operational paradigm. Moreover, it’s more important for the company to generate and manage its finances to survive the current sluggish outcome of the market.
Moreover, all the employees who will be terminated will get three months’ salary in advance.
After the crash of FTX, the firm announced a $100 million support fund on Nov. 24 to offer support to institutional traders.
This fund was accessible at a 0% interest rate to only those investors and trading firms which were qualified for this.
According to Bybit’s terms and conditions, the highest amount given to each investor was $10, million. The fund was only available for the trading of spot and Tether USDT on the Bybit blockchain exchange.
Despite all these efforts, Bybit was not able to turn the market from bulls to bears and continue to struggle amid the current volatility.
On December 4, 2022, Ben Zohu Tweeted:
“The top leadership has made a difficult decision as tough times demand necessary actions. The current downsizing is to ensure the company’s long-term sustainability.”
A Look at Bybit Blockchain Exchange
As of 4th December 2022, Bybit’s 24 hours trade volume was around $230,863,243.
Moreover, the blockchain exchange’s total digital assets are worth around $2,090,281,541.63.
Bybit offers a wide range of trading options to the investors like spots, derivatives, futures, crypto buying and selling, and NFTS.
As of now, over 100 cryptocurrencies are supported by Bybit and almost 300 spot trading pairs are available. Moreover, the platform supports all major cryptocurrencies like DOGE, LTC, SOL, BTC, BIT, APE, ETH, SHIB, and DYDX.
Bybit was one of the world’s fastest-growing blockchain exchanges because of its utmost security, easy trading features, and competitive fee charges.
Experts are confident that the downsizing will help cryptocurrency exchange to generate the finances required to run the operations.
After the collapse of FTX, cryptocurrency suffered severe financial turmoil. Investors are not willing to put their assets in wallets to stay protected against market volatility.
Bybit is no exception, the world’s fastest-growing blockchain is now struggling for its survival.