Bybit “follows the flow” to cut personnel

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2022-06-23 17:22:45

Cryptocurrency exchanges with more than 5 million users in 160 countries around the world have been forced to reduce staff, affected by the recent market downturn.

Bybit is the next name that has to streamline its working apparatus due to market pressure

Earlier this week, Bybit – a Dubai-based electronic exchange announced it would cut staff due to high inflation and a drop in user spending.

Despite owning a trading volume of $ 12 billion in cryptocurrencies across 160 countries and quite prominent in the period of 2021 – 2022, Bybit still cannot escape the impact of the downward market context.

“We are exploring a way to remove overlapping functionality and build smaller, yet more agile teams,” a Bybit rep told Blockworks.

“We are committed to continuously investing in strategic projects and acquisitions [Web3]as well as funding nonprofits as we streamline our expansion plans based on our business priorities.”

In fact, before Bybit, many crypto companies were forced to lay off and lay off large-scale employees, such as Coinbase, Crypto.com and Gemini. Coinbase has cut nearly 20% of its staffing volume, while Gemini has 10% and Crypto.com 5%.

A company spokesperson said:

“Bybit is no exception apart from the fact that we have taken extremely tight steps to maintain our workforce for as long as possible during this time of crisis.”

In 2020, the number of employees of the floor has increased suddenly by 300%. However, the quality of work has not improved too much. The act of streamlining the working apparatus should be called an extremely necessary decision at this time.

Bybit did not disclose the specific number of employees laid off, but according to unconfirmed sources, this number could be up to 20-30%. The source also confirmed that Bybit’s remaining staff is more than 2,000 people.

The floor representative also added that affected employees will be supported in the process of finding new jobs and compensated for job loss.

Statistics of staff reductions of crypto companies in Q2 / 2022. (Source: The Block)
Statistics of staff reductions of crypto companies in Q2 / 2022.
(Source: The Block)

Compared with competitors, 2021 and 2022 will see a very active Bybit to promote its image to the community, such as spending $ 150 million to cooperate with the F1 Red Bull Racing team for 3 years. .

#Bybit #flow #cut #personnel

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