Bybit is set to cut staff, citing that “the growth in the size of the organization outpaced business growth”, according to journalist Colin Wu, citing a document from the cryptocurrency exchange.
EXCLUSIVE: Bybit, one of the world’s largest crypto exchanges, today issued an internal letter about layoffs, multiple sources confirmed to WuBlockchain. The internal letter said the organization size had grew expenationaly but the overall business growth did not grow in the same
— Wu Blockchain (@WuBlockchain) June 20, 2022
In the letter to staff, Bybit chief executive Ben Zhou said he was examining ways to eliminate duplicative functions and to create smaller, more agile teams. He promised changes starting this week.
Bybit official response: We are exploring a way to remove overlapping functions and build smaller but more agile teams to improve our efficiency. Bybit’s fundamentals remain strong, we serve over 6m users in over 160 countries, with a DAUT of 100,000 and a $10B daily average. https://t.co/vqsCWK3ffo pic.twitter.com/ApeftFwzO1
— Wu Blockchain (@WuBlockchain) June 20, 2022
The move will entail layoffs for some team members, which “will be the hardest decision of their lives”, the top executive added. He said Bybit would provide financial compensation and assistance with re-employment for those affected.
According to Colin Wu’s sources, the reductions will affect between 20% and 30% of staff, with some departments seeing as much as 50%. The company currently employs more than 2,000 people.
According to sources, the proportion of layoffs is expected to be 20% to 30%, with some partial layoffs as high as 50%. Bybit has grown from hundreds to over 2000 in 2 years.
— Wu Blockchain (@WuBlockchain) June 20, 2022
Earlier, the U.S. bitcoin exchange Coinbase will cut its staff by about 18%.
Earlier, the crypto-lending platform BlockFi announced layoffs of more than 850 employees, about 20%.
Read ForkLog’s Bitcoin news in our Telegram — crypto news, prices and analytics.