Bybit, the second largest crypto futures exchange. Follow in the footsteps of competitors in reducing the number of employees. To cope with the ongoing downturn in the crypto market
Affected employees will receive “Bybit employee severance pay and career support for changing jobs,” said a Bybit spokesperson, but declined to comment on the number of layoffs. Bybit currently employs more than 660, according to the page. LinkedIn
Bybit has become the latest crypto company to announce the layoffs. In the past few weeks, Coinbase, Gemini, BitMEX and Crypto.com have laid off some of their employees. At least 1,500 people have lost their jobs in the crypto space in the past two months.
Bybit employs employees. “Two to three hundred people” at the beginning of 2020 and has grown 300% since then. According to an email sent to employees from CEO Ben Zhou, a Bybit spokesperson declined to comment on whether the messages were genuine.
Bybit was founded in 2018 in Singapore and quickly gained popularity in derivatives trading. It is currently the second largest crypto exchange in derivatives trading.
“Bybit’s fundamentals remain strong,” with more than 6 million users in more than 160 countries, the spokesperson said.
“We are committed to continued investment in web3 projects and acquisitions, as well as supporting non-profit organizations. As we improve our expansion plans based on our business priorities,” they added.
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