Bybit Takes ‘Extreme Steps,’ Slashing Staff Amid Turbulent Markets
Starting this week, the Dubai-based cryptoasset exchange will review some of its roles and functions, a spokesperson said
blockworks exclusive art by axel rangel
key takeaways
- “We are exploring a way to remove overlapping functions and build smaller but more agile teams,” a Bybit spokesperson told Blockworks
- A challenging and bearish market backdrop has forced the need to cut costs, they said
In the face of recent market carnage, Bybit has become the latest cryptocurrency exchange set to slash its employee headcount.
Persistently high inflation, a drop in consumer spending and the arrival of the bear market struck its business — and that’s resulted in a need to cut costs, a spokesperson for Bybit told Blockworks.
“We are exploring a way to remove overlapping functions and build smaller but more agile teams to improve our efficiency,” the spokesperson said.
It isn’t clear how many employees will be affected by the review.
Bybit’s spokesperson pointed to companies around the world being affected by a bearish environment and that it isn’t an outlier.
Coinbase said it will axe 18% of its workforce, Crypto.com will cut 5% while Gemini will cut 10%. Companies in the industry have cited worsening market conditions and signaled an extended downturn — also known as a crypto winter.
“Bybit is no exception apart from the fact that we have taken extreme steps to maintain our workforce for as long as possible during this crisis,” the spokesperson said.
Affected employees will receive a severance package and access to Bybit’s employee career support while making the transition to another job.
Dubai-based Bybit says it has more than 5 million users and a presence in 160 countries. The platform’s trading volume stands at $12 billion over the past 24 hours, according to data from Nomics.
“We are committed to continuously investing in strategic [Web3] projects and acquisitions, as well as sponsoring nonprofit organizations as we streamline our expansion plans based on our business priorities,” Bybit’s spokesperson added.
Correction: 11:30 am ET, June 20, 2022: Bybit is based in Dubai, not Singapore.
Get the news in your inbox. Explore Blockworks newsletters:
- Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
- Empire: Start your morning with the top news and analysis to inform your day in crypto.
- Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
- 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
- Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
- The Drop: For crypto collectors and traders, covering apps, games, memes and more.
- Supply Shock: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.
