Bybit, a global crypto exchange platform, has joined rivals in laying off employees to withstand the continued dip in crypto markets.
A spokesman for the exchange told The Block on Monday that affected employees will be given severance compensation and access to Bybit’s employee career support in their job move. They refused to say how many jobs would be lost or how many individuals are now employed by the exchange. According to its LinkedIn page, the exchange employs around 660 people.
Bybit is the latest cryptocurrency exchange to lay off employees. Coinbase, Gemini, BitMEX, and Crypto.com have all let off employees in recent weeks. According to The Block, at least 1,500 employees have lost their employment in the crypto field in the last two months.
Some of the other crypto firms that laid-off employees include Robinhood, Bitso, and BlockFi. The harsh market conditions have affected the lives of a lot of employees as they had to step down from their position on such short notice.
Bybit had exponential growth in 2020
According to an email from CEO Ben Zhou to colleagues reviewed by The Block, Bybit employed “a few hundred” people at the beginning of 2020 and has grown by 300 percent since then. The message’s authenticity was not confirmed by Bybit’s representative.
“Our organization size had grown exponentially but the overall business growth did not grow in the same way.” “During the latest staff review, internal efficiency is still the biggest problem that Bybit has now. This means our operational efficiency has gotten worse despite our growing size. It’s evident that we haven’t utilized our fast-growing resources properly.”
Zhou said in the email.
The exchange was formed in Singapore in 2018 and immediately rose to prominence in the derivatives market. According to The Block’s Data Dashboard, it is presently the second-largest crypto exchange in terms of futures trading.