Bybit Is The Latest Exchange To Reduce Its Workforce

　　Bybit trading platform has joined the list of cryptocurrency exchanges that have announced plans to lay off employees in order to restructure their operations in the midst of the ongoing crypto market slump.

　　The platform's Chief Executive Officer, Ben Zhou, announced the latest layoff in an internal letter shared with workers. Colin Wu, a Chinese independent cryptojournalist, shared a copy of Zhou's letter on Twitter, and it has been confirmed by other mainstream media sites.

　　In the letter, Zhou stressed the necessity to downsize because some employees are no longer needed in light of the looming economic reality. According to Zhou, the company's employment has increased by more than 300 percent since early 2020.

　　“Our organization's size had risen dramatically, but overall business growth had not,” Zhou wrote in an email. “According to the most recent employee evaluation, internal efficiency remains Bybit's most pressing issue.” This suggests that, despite our expanding size, our operating efficiency has declined. It's clear that we haven't made the best use of our rapidly expanding resources.

　　While the letter did not specify how many employees would be laid off, Colin Wu estimated that it would be between 20 and 30 percent of the current workforce of roughly 2,000. When compared to other exchanges such as Coinbase and Gemini, who have also laid off 18% and 10% of its employees, respectively.

　　“Bybit is no different save from the fact that we have taken extreme measures to preserve our employees for as long as feasible during this crisis,” the company said of the current stock market bear market and the upheaval in the crypto market.

　　According to a Bybit spokeswoman, “affected colleagues will be awarded a severance package and access to Bybit's employee career support in their job transition to help the seamless transition of the process.”

　　The present crypto winter has had a considerably more detrimental impact on the world's biggest crypto service offering platforms. So yet, only Binance and Kraken have declared plans to hire extra staff during this downturn, a notable departure from their peers.

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