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Cryptocurrency exchange Bybit is planning to reduce its headcount after rising inflation and lower consumer spending drove crypto into a bear market and prompted firms across the industry to seek ways of cutting costs.
Job cuts might amount to about 30% of the workforce, according to crypto journalist Colin Wu who cited unidentified sources. The Dubai-based firm has a headcount of around 2,000.
Bybit joins fellow crypto firms in cutting jobs. Coinbase said last week it was laying off 1,100 employees –around 18% of its workforce – while crypto lender BlockFi said it would reduce its headcount by more than 400 – roughly 20%. Crypto.com said it would cut about 5% of its workforce, amounting to around 260 employees.
“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.”
According to a copy of an internal letter posted by Wu, Bybit CEO Ben Zhou said the firm “grew so fast” during the most recent crypto bull market, and “grew too comfortable.”
“Our organization size grew exponentially but the overall business growth did not grow in the same way,” Zhou said.