About 30% of Bybit's employees will lose their jobs.
The action comes less than one week after Kraken fired 30% of its employees.
Bybit, a cryptocurrency exchange founded in 2018, has announced plans to carry out a new round of job cuts across its organization. ByBit's CEO and Co-Founder, Ben Zhou, announced on Sunday on Twitter that the move is part of the company’s reorganization plan to “refocus our efforts for the deepening bear market.”
The announcement comes five months after the cryptocurrency exchange announced plans to fire about 30% of its staff. A Bybit spokesperson told CoinDesk the goal was to “remove overlapping functions and build smaller but more agile teams."
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