Singapore-based cryptocurrency trading platform, Bybit exchange has announced plans to retrench some of its workers as market uncertainty worries remain on the horizon. The exchange, which is currently ranked as one of the most versatile for futures trading did not confirm how many of its staff will be laid off.
However, independent crypto Journalist, Colin Wu, citing unnamed sources, said the firm is likely to retrench 20-30% of its staff, with a partial lay-off rate likely to climb to 50%. According to an internal email sent by CEO Ben Zhou to Bybit’s staff, the company saw a faster rate of growth of up to 300% from early 2020 when it had just a few hundred employees.
“Our organization size had grown exponentially but the overall business growth did not grow in the same way,” Zhou said in the email. “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.”
Amidst this proposed lay-off, the exchange said it will grant the affected workers a good severance package, and grant them access to an employee assistance program that can help them in getting other jobs should they be in need of one. Zhou reiterated that Bybit as a company is committed to upholding its values and that the remaining staff will be focused on maximizing the growing resources of the company.
Bybit Staff Layoff Models Earlier Attempt from Coinbase and Gemini
Cutting jobs is not an easy decision to make, but one that has become necessary for the top global trading platforms around the world. Bybit is not alone on this path as Coinbase and Gemini exchanges have also announced similar staff retrenchments earlier.
While Coinbase cited the same exponential growth beyond what can drive efficiency as one of its reasons, it said 18% of its staff were affected. Gemini on the other hand retrenched approximately 10% of its global workforce as it prioritized cutting costs in order to get past this “Crypto Winter” era.