Bybit Cuts 30% of Jobs in "Deepening Bear Market"

Ben Zhou, CEO of cryptocurrency exchange Bybit, said the company plans to cut 30% of its staff.

The changes are part of an ongoing reorganisation to refocus efforts.

Sunday, Zhou said cuts will be across-the-board to protect corporate operations and client assets.

Bybit is one of CoinMarketCap's top 10 crypto exchanges.

“Bybit is here for the long run,” Zhou wrote in a Thursday blog post.

The Formula One 2021 and 2022 world champions were the exchange's largest crypto sponsorship.

He also announced a $100 million institution support fund.