Crypto exchange Bybit cuts staff amid market slide

Crypto futures exchange, Bybit, has cut jobs to survive the ongoing downturn in crypto markets.

Bybit will pay affected staff a severance package and access to Bybit’s employee career support in their job transition, per The block.

Bybit has more than 660 employees, according to its LinkedIn page.

Bybit is the latest crypto exchange to announce layoffs. In recent weeks, Coinbase, Gemini, BitMEX and Crypto.com have all cut jobs.

Bybit was founded in 2018 in Singapore and quickly grew popular in the derivates space.

Bybit is currently the second-largest crypto exchange in futures trading, according to The Block’s Data Dashboard.