Bybit will cut its workforce “as the size of the organization outpaces the growth of the business.” This was reported by journalist Colin Wu citing a document from a cryptocurrency exchange.

EXCLUSIVE: Bybit, one of the world’s largest crypto exchanges, released an internal letter today about the layoffs, multiple sources confirm to WuBlockchain. The internal letter said the size of the organization has grown tremendously, but overall business growth has not grown at the same rate.

— Wu Blockchain (@WuBlockchain) 20 June 2022

Bybit CEO Ben Zhou said in a letter to employees that he is exploring ways to eliminate duplication and build small, agile teams. He promised change starting this week.

Official response from Bybit: We are investigating a way to remove overlapping functions and build smaller but more agile teams to increase our efficiency. Bybit’s fundamentals remain strong, serving more than 6 million users in over 160 countries with 100,000 DAUTs and an average of $10 billion per day. https://t.co/vqsCWK3ffo pic.twitter.com/ApeftFwzO1

— Wu Blockchain (@WuBlockchain) 20 June 2022

The top manager added that the initiative will lead to the dismissal of some team members, which will be “the most difficult decision in life”. According to him, Bybit will provide financial compensation and employment support to such employees.

According to Colin Wu’s sources, outages will affect 20-30% of professionals, and as many as half in some departments. Currently, the company employs more than 2,000 people.

According to sources, the rate of layoffs is expected to rise between 20% and 30%, with some partial layoffs as high as 50%. Bybit has grown from hundreds to over 2000 in 2 years.

— Wu Blockchain (@WuBlockchain) 20 June 2022

Recall that the American bitcoin exchange Coinbase will cut staff by about 18%.

Earlier, blockchain platform BlockFi announced the layoffs of around 20% of its more than 850 employees.

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