Bybit to reduce up to 30% of workforce amid crypto crash
Crypto exchange Bybit is the latest crypto platform to reduce its headcount. The cuts could be between 20% and 30% of Bybit's total workforce. The Dubai-based firm now has about 2,000 employees.
The exchange is expected to work on removing duplicate functions and creating smaller but more agile teams to increase efficiency.
According to a copy of an internal letter, Bybit CEO Ben Zhou said the firm "grew so fast" and "too comfortable" during the latest bull market. "Our organization size grew exponentially but the overall business growth did not grow in the same way," he said.
Bybit is joining other crypto firms in cutting jobs. Last week, Coinbase said it was laying off 1,100 employees (about 18% of its workforce), while crypto lender BlockFi said it would cut its headcount by more than 400 people (about 20%). Crypto.com announced it will cut about 5% of its workforce, which is about 260 employees.
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