• “We are exploring a way to remove overlapping functions and build smaller but more agile teams,” a Bybit spokesperson told Blockworks
  • A challenging and bearish market backdrop has forced the need to cut costs, they said

In the face of recent market carnage, Bybit has become the latest cryptocurrency exchange set to slash its employee headcount.

Persistently high inflation, a drop in consumer spending and the arrival of the bear market struck its business — and that’s resulted in a need to cut costs, a spokesperson for Bybit told Blockworks.

“We are exploring a way to remove overlapping functions and build smaller but more agile teams to improve our efficiency,” the spokesperson said.

It isn’t clear how many employees will be affected by the review.

Bybit’s spokesperson pointed to companies around the world being affected by a bearish environment and that it isn’t an outlier.

Coinbase said it will axe 18% of its workforce, Crypto.com will cut 5% while Gemini will cut 10%. Companies in the industry have cited worsening market conditions and signaled an extended downturn — also known as a crypto winter.

“Bybit is no exception apart from the fact that we have taken extreme steps to maintain our workforce for as long as possible during this crisis,” the spokesperson said.

Affected employees will receive a severance package and access to Bybit’s employee career support while making the transition to another job.

Dubai-based Bybit says it has more than 5 million users and a presence in 160 countries. The platform’s trading volume stands at $12 billion over the past 24 hours, according to data from Nomics.

“We are committed to continuously investing in strategic [Web3] projects and acquisitions, as well as sponsoring nonprofit organizations as we streamline our expansion plans based on our business priorities,” Bybit’s spokesperson added.

Correction: 11:30 am ET, June 20, 2022: Bybit is based in Dubai, not Singapore.

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    Shalini is a crypto reporter from Bangalore, India who covers developments in the market, regulation, market structure, and advice from institutional experts. Prior to Blockworks, she worked as a markets reporter at Insider and a correspondent at Reuters News. She holds some bitcoin and ether. Reach her at [email protected]