Crypto

Bybit Plans Massive Layoffs to Remove Dead Weight to Face Crypto Winter

Cryptocurrency exchange Bybit plans to lay off up to 30% of its workforce saying that while the organisation’s size had grown exponentially, the pace of its overall business growth has lagged.

According to an internal email by Ben Zhou, Co-founder and CEO of Bybit that was secured by crypto reporter Wu Blockchain, the company had expanded by 300% since early 2020 and that the rapid expansion has made it “too comfortable”.

Ben added that the company uncovered that internal efficiency turned out to be its biggest problem following its latest employee reviews.

He said in the email,

“This means our operational efficiency has gotten worse despite our growing size. It’s evident that we haven’t utilised our fast growing resources properly.

Starting from this week, some of the functions and roles will be reviewed for combination or adjustment. This is to ensure us staying focused, stay agile and execute faster”.

The crypto winter has witnessed massive layoffs with Crypto.com looking to reduce 5% of its workforce while Coinbase was forced to slash about one fifth of its workforce. BlockFi similarly will also cut 20% of its employee headcount.

Binance has managed to insulate itself against this market downturn as its Chief Executive Officer Changpeng Zhao (CZ) tweeted that the firm is looking to expand and is hiring for 2000 open roles now.