Crypto winter is getting colder as industry leaders across the board are scurrying to free up funds by cutting labour.
Follwing in the footsteps of Crypto.com, Coinbase and BlockFi – which cut 260, 1100 and 400 jobs respectively – Bybit is looking to reduce its labour force by 20–30% according to crypto journalist Colin Wu. Currently the Dubai-based exchange has a workforce of 2,000.
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
“We are exploring a way to remove overlapping functions and build smaller but more agile teams to improve our efficiency,” a Bybit spokesperson told CoinDesk. “Starting from this week, some of the functions and roles will be reviewed to ensure we stay focused and agile.”
An internal letter from Bybit co-founder and CEO Ben Zhou cited inflation, the bear market and growing “too comfortable” as reasons for the exchange’s latest move.
“We grew so fast in this period but also grew too comfortable I am afraid,” Zhou wrote. “Our organization size grew exponentially but the overall business growth did not grow in the same way.”
Addressing those affected, Zhou said “we did our best to smoothen the transition for you, we will offer severance package and the Employee Assistance Program.”
“After growing through this, you will find Bybit a place only for true believers who shared the same faith to grow the company from Good to the Best!”
Pictures circulated in the community can be confirmed to be real. pic.twitter.com/kTXcmj82DJ— Wu Blockchain (@WuBlockchain) June 20, 2022