Skip to main content

The Dubai-based crypto exchange Bybit announced this week that it was cutting staff due to high inflation and a decline in consumer spending, according to Blockworks.

Bybit claims it has over 5 million users and trades $12 billion in cryptocurrency across 160 countries.

“We are exploring a way to remove overlapping functions and build smaller but more agile teams,” a Bybit representative told Blockworks.

“We are committed to continuously investing in strategic [Web3] projects and acquisitions, as well as sponsoring nonprofit organizations as we streamline our expansion plans based on our business priorities,” Bybit’s representative said.

The recent slump in crypto markets has resulted in large-scale firings and layoffs at crypto firms, affecting companies like Coinbase, Crypto.com, and Gemini. Coinbase decimated nearly 20% of its staff, while Gemini dropped 10% of its workforce and Crypto.com laid off 5%.

“Bybit is no exception apart from the fact that we have taken extreme steps to maintain our workforce for as long as possible during this crisis," the company's spokesperson said.