Bybit CEO cites growth concerns, expected to lay off 30% global headcount

ByFreda D. Cuevas

Jun 22, 2022 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,


Crypto exchange Bybit discovered this week in an internal letter that it will cut down its headcount.

In the letter, founder and CEO Ben Zhou wrote that whilst the organisation’s size had grown exponentially, company development has not grown in the same way. As such, operational effectiveness has reduced in spite of the company’s growing dimensions.  

The headcount reduction is qualified at removing overlapping capabilities and making lesser but far more agile groups to boost effectiveness, and the enterprise will evaluation functions and roles for mixture or adjustment.

bybit ceo ben zhou letter
Copy of the letter circulating on the Internet, believed to be written by CEO Ben Zhou / Graphic Credit: Wu Blockchain via Twitter

Commencing from this week, some of the functions and roles will be reviewed for mixture or adjustment. This is to be certain us (to remain) focused, stay agile and execute quicker.

This will have an effect on some of the current team users unavoidably. It is one particular of the hardest conclusions I have at any time had to make in my lifestyle, to have to component with good crew associates who we value and enjoy.

– Ben Zhou, founder and CEO of Bybit

He also confident employees that Bybit will provide severance deals and assist them extensive the Employee Assistance Plan.

According to Wu Blockchain, all over 20 to 30 for every cent of employees are predicted to be laid off. 

This follows a period of time of speedy organisation enlargement, in which Bybit has expanded from hundred of workforce to around 2,000 in just two yrs.

The Dubai-based crypto exchange statements far more than five million consumers a month, and has existence in 160 international locations. The business also signed a US$150 million sponsorship offer with F1 crew Purple Bull Racing very last 12 months.

Bybit spokespersons have also defended the shift, pointing to a will need to cut down expenses as a outcome of the bear current market that is at this time current in the crypto ecosystem.

Other crypto providers have also stated that they are reducing their workforce, with Coinbase cutting their workforce by 18 for each cent, by 5 per cent, BlockFi by 20 percent, and Gemini by 10 for every cent.

Highlighted Picture Credit score: Mr Backwards via Medium


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