Singapore-based crypto exchange Bybit has joined a long list of companies that have laid off some of their employees. As the cryptocurrency market is facing tremulous times, firms are finding new ways to cut costs and stay afloat.
Crypto journalist James Wu first noted the news about Bybit’s layoffs yesterday. He said that the company is cutting a whopping 30% of its 2,000 people workforce.
“Bybit is highly dependent on professionalism and rapid execution capabilities. We are exploring a way to remove overlapping functions and build smaller but more agile teams to improve our efficiency. Starting from this week, some of the functions and roles will be reviewed to ensure we stay focused and agile,” the company said in a statement.
“To support the smooth transition of the process, affected colleagues will be accorded a severance package and access to Bybit’s employee career support in their job transition.”