Bybit CEO cites growth concerns, expected to lay off up to 30% of staff

Bybit Ceo Cites Growth Concerns, Expected To Lay Off Up To 30% Of Staff

Cryptocurrency exchange Bybit revealed this week in an internal letter that it will be reducing its headcount.

In the letter, founder and CEO Ben Zhou wrote that while the size of the organization has grown exponentially, the growth of the business has not grown in the same way. As such, operational efficiency declined despite the company’s growing size.

Headcount reduction is aimed at removing overlapping roles and building smaller but more agile teams to improve efficiency, and the company will review roles and functions for combination or adjustment.

Bybit Ceo Ben Zhou Letter
Copy of the letter circulating on the internet, believed to have been written by CEO Ben Zhou / Image Credit: Wu Blockchain via Twitter

Starting this week, some of the functions and functions will be reviewed for combination or adjustment. This is to ensure (stay) us focus, stay agile and execute faster.

This will inevitably affect some of the existing team members. It’s one of the hardest decisions I’ve ever had to make in my life, having to separate myself from great team members that we value and love.

– Ben Zhou, Founder and CEO of Bybit

He also assured employees that Bybit will offer severance packages and help them complete the Employee Assistance Program.

According to Wu Blockchain, about 20 to 30 percent of employees are expected to be laid off.

This follows a period of rapid organizational expansion, where Bybit grew from hundreds of employees to over 2,000 in two years.

The Dubai-based cryptocurrency exchange claims over five million users per month and is present in 160 countries. The company also signed a $150 million sponsorship deal with the F1 team Red Bull Racing last year.

Bybit spokespersons also defended the move, pointing to the need to reduce costs as a result of the bear market that is currently present in the cryptocurrency ecosystem.

Other cryptocurrency companies have also stated that they are reducing their workforce, with Coinbase cutting its workforce by 18%, Crypto.com by 5%, BlockFi by 20% and Gemini by 10%.

Featured Image Credit: Mr Backwards via Medium

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