Cryptocurrency exchange Bybit has become the latest crypto company to face consequences of the market's crash as the exchange has reportedly laid off about 30% of its workforce.
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According to reports on Twitter, Bybit CEO, Ben Zhou, wrote in a staff letter that the move was made to remove overlapping functions and to build "smaller but more agile teams" to improve the exchange's efficiency. He said:
"This will affect some of the existing team members unavoidably. I have ever had to make in my life, to have to part with great team members who we value and love."
Although it remains unclear what was the reason behind the lay offs, Zhou noted that during the latest staff review, the exchange found out that internal efficiency "is still the biggest problem that Bybit has now."
"This means our operational efficiency has gotten worse despite our growing size. It’s evident that we haven't utilized our fast growing resources properly," Zhou added.
As iHodl reported earlier, other crypto companies also had to reduce the number of employees due to the rapidly changing market conditions. For instance, Coinbase revealed in a recent blog post it had decided to rescind some accepted offers and full-stop hiring for both new and backfill roles.
The company said the decision was made in order to focus on its "highest-priority business goals," noting that it will continue to evaluate "all of our options to responsibly navigate Coinbase through the current cycle."
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