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Bybit, a Dubai-based crypto derivatives exchange, seems like it is following the footsteps of leading U.S. firms like Kraken, Lemon Cash, Coinbase, Amazon, Meta, and Twitter. Reportedly the crypto exchange is cutting its workforce by 30% and the reason for this step is to reduce the costs.
This was the second lay-off announcement by Bybit in this year. As in June the crypto exchange reduced the headcount by 30% while the CEO cited their business growth while the overall business growth did not grow in the same way.
Bybit CEO Statement
Ben Zhou, Co-Founder and Chief Executive Officer of Bybit, made an announcement on December 5th, 2022, that “they reduce their workforce as part of an ongoing re-organization of the business as they move to refocus their efforts for the deepening bear market.”
In the long-tailed twitter thread, Mr. Zhou mentioned that their plan of downsizing will be across the board. While the process of cutting their workforce is tough-time for them.
“It’s important to ensure Bybit has the right structure and resources in place to navigate the market slowdown and is nimble enough to seize the many opportunities ahead. That way we can continue to deliver the crypto ark to the world with even more drive and passion,” he stated.
Mr. Zhou noted that their first priority is to ensure its business operations must be un-affected from the current market happenings. As well as, their client’s assets will remain safe and assured with them.
Recent Layoff by Crypto Firms
It can be said this year was not so-good for the crypto community as major changes have been noted that affected the whole crypto ecosystem. The unexpected changes were the bankruptcy filings or layoffs by crypto firms. At which the crypto firms gave the reason for the market downtown and cutting their workforce to survive in this harsh market condition.
Here, if the count be measured of total layoffs by crypto firms then the figure showed an estimate of around 26,000 crypto jobs loss till November 2022.
The recent layoffs by crypto exchanges are as mentioned below:
- In the beginning of this year, BitMEX announced the layoff by around 25% of its workforce at the end of April. And noted the fact in order to streamline for their next phase of business. In the previous month it also reduced the workforce by 20%.
- In May 2022, two crypto exchanges, Bitso and Buenbit also announced their layoffs. Bitso mentioned the reason for the layoff was the need to rethink the skills they need from employees to grow faster in the crypto industry. Buenbit noted the “global overhaul” at where the tech industry has entered.
- Gemini cut 10% of staff in June, along with Huobi Global, Coinbase, Crypto.com and many others.
- In July OpenSea laid off around 20% of its workforce.
- The most recent layoffs are from Kraken that laid off 30%, Lemon Cash by 38%, and Coinbase by 18%.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
