Dubai-based crypto derivatives exchange Bybit is looking to cut up to 30% of its staff to reduce costs, journalist Colin Wu reported on Twitter, citing anonymous sources.
See related article: Coinbase, biggest US crypto exchange, cuts workforce by 18%
Fast facts
- “This was not an easy decision to make,” a Bybit spokesperson told Forkast in an email response. “We are exploring a way to remove overlapping functions and build smaller but more agile teams to improve our efficiency.”
- The spokesperson added that affected employees will be offered a severance package and access to Bybit’s employee career support in their job transitions.
- Bybit’s job cuts add to a growing list of crypto firms, including Coinbase, Gemini and Crypto.com, that are scaling down staff during turbulent economic conditions and free-falling cryptocurrency prices.
See related article: Has ‘Crypto Winter’ arrived with Bitcoin, Ether prices falling?