Crypto exchange Bybit is planning to cut down part of its workforce because of the rising inflation and lower consumer spending, which are driving the crypto into a steady downtrend. This has also prompted firms in the industry to look for ways to keep the cost of operations low.
Bybit Joins Other Firms in Cutting Down Staff Numbers as Bear Market Bites
According to a crypto journalist Colin Wu, job cuts are likely to see about 30% of the workforce dropped from the crypto firm. Bybit has a workforce of about 2,000 people.
The company joins other top firms that have announced or implemented restructuring efforts. Last week, Coinbase announced it was reducing 18% of its staff, while Gemini is targeting 10% layoffs. Crypto.com is also experiencing the pressure and has said it is following the same trend with 5% job cuts.
Bybit said it is exploring methods of cutting down overlapping work and focusing on building a smaller and more agile team that will increase efficiency. “Starting from this week, some of the functions and roles will be reviewed to ensure we stay focused and agile,” a Bybit spokesperson expressed.
According to an internal memo posted by Wu, the crypto exchange’s CEO Ben Zhou indicated that the company had grown so fast during the recent bull market. Therefore, they had to correct to get the perfect balance between growth, value, and profitability.
“Our organisation size grew exponentially but the overall business growth did not grow in the same way,” Zhou said.