Bybit to Reduce Workforce as Crypto Slump Drives Cost-Cutting Measures

The crypto exchange is looking to remove overlapping functions and build smaller, more agile teams, it told CoinDesk.

AccessTimeIconJun 20, 2022 at 11:39 a.m. UTC
Updated May 11, 2023 at 4:24 p.m. UTC

Cryptocurrency exchange Bybit is planning to reduce its headcount after rising inflation and lower consumer spending drove crypto into a bear market and prompted firms across the industry to seek ways of cutting costs.

Job cuts might amount to about 30% of the workforce, according to crypto journalist Colin Wu, who cited unidentified sources. The Dubai-based firm has a headcount of around 2,000.

  • U.S. CPI Returns Flat in May; Donald Trump Wants All Remaining Bitcoin to Be 'Made in USA'
    01:45
    U.S. CPI Returns Flat in May; Donald Trump Wants All Remaining Bitcoin to Be 'Made in USA'
  • Crypto Hacks Totaled $19B Since 2011: Crystal Intelligence
    00:57
    Crypto Hacks Totaled $19B Since 2011: Crystal Intelligence
  • Consensus Heads to Toronto in 2025
    10:29
    Consensus Heads to Toronto in 2025
  • Crypto.com Received Approval to Register in Ireland; AI-Linked Tokens Underperform After Apple Event
    01:57
    Crypto.com Received Approval to Register in Ireland; AI-Linked Tokens Underperform After Apple Event
  • Bybit joins fellow crypto firms in cutting jobs. Coinbase (COIN) said last week it was laying off 1,100 employees –around 18% of its workforce – while crypto lender BlockFi said it would reduce its headcount by more than 170 – roughly 20%. Crypto.com said it would cut about 5% of its workforce, amounting to around 260 employees.

    "We are exploring a way to remove overlapping functions and build smaller but more agile teams to improve our efficiency," a Bybit spokesperson told CoinDesk. "Starting from this week, some of the functions and roles will be reviewed to ensure we stay focused and agile."

    According to a copy of an internal letter posted by Wu, Bybit CEO Ben Zhou said the firm "grew so fast" during the most recent crypto bull market, and "grew too comfortable."

    "Our organization size grew exponentially but the overall business growth did not grow in the same way," Zhou said.

    CORRECTION (June 28, 08:48 UTC): Corrects number of jobs cut at BlockFi in third paragraph to 170 from 400.



    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.