Cryptocurrency exchange Bybit is the latest to announce staff cuts due to the market downturn.
Bybit, an emerging crypto derivatives exchange for the period 2021-2022, has announced that it will cut part of its staff because of market volatility.
According to an internal announcement, Bybit co-founder and CEO Ben Zhou stated that because of the negative impact of inflation on the cryptocurrency market, the exchange was forced to take undesirable measures to ensure its ability to operate. long-term action.
Mr. Ben Zhou revealed that the number of employees on the floor has increased by 300% from a few hundred employees in the period 2020. However, the quality of work has not increased because the human resources apparatus is not efficient. Therefore, the CEO decided to eliminate duplicate positions and streamline the working teams, increasing efficiency again.
The exchange does not disclose the number of employees laid off, but according to unconfirmed sources, this number could be up to 20-30%. The source also confirmed that Bybit’s staff is more than 2,000 people.
Affected employees will be assisted by the exchange in finding new jobs and receiving compensation for job loss, according to a Bybit spokesperson.
Thus, Bybit has become the latest crypto exchange to cut staff, joining the alarming trend of other major companies such as Coinbase, Gemini, Crypto.com, etc.
Bybit in 2022 also has big advertising sponsorship agreements, typically spending $150 million to cooperate with the F1 team Red Bull Racing within 3 years. Staff cuts are inevitable as the market is entering crypto winter and it is unknown how long it will last.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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