The Block: Bybit reducing workforce as bear market deepens

Crypto exchange Bybit is reducing its workforce as a direct result of "the deepening bear market."

The Singapore-based crypto exchange's CEO and co-founder, Ben Zhou, made the announcement on Twitter at 12:32 a.m. ET.

"The planned downsizing will be across the board," Zhou tweeted, adding: "For our impacted colleagues, we will try to make this process as smooth as possible and take care of each individual's needs as much as we can."

Bybit is not alone in reducing its workforce as the blockchain and cryptocurrency industry struggles to regain its footing after a tough year — which saw the collapses of the Terra ecosystem, hedge fund Three Arrows Capital, major crypto exchange FTX and its sister firm Alameda Research.

San Francisco-based crypto exchange Kraken announced it was cutting 1,100 staff, or 30% of its workforce, on Nov. 30 — citing a need "to adapt to current market conditions." Earlier in November, rival Coinbase, also based in San Francisco, said it was laying off more than 60 employees from its human resources department. Mexico-based crypto exchange Bitso also let go of an unspecified number of workers.

"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," Zhou tweeted.

Bybit previously cut its workforce by an unspecified number in June.

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