Bybit founders’ personal income is used to issue bonuses to employees

The staff will be paid additional bonuses in the amount of 1-5 monthly salaries

09.06.2023 - 14:00

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What’s new? Analyst Colin Wu reported that cryptocurrency exchange Bybit will use the personal income of the founders to generate and issue additional bonuses to employees. The amount of bonuses will be equivalent to one to five months’ salary. At the same time, the previous bonus at the end of 2022 in the amount of a three-month salary the exchange paid in January 2023.

Bybit Exchange announced that its founder team will use personal income to issue additional bonuses. Employees will receive an additional bonus equivalent to 1-5 months salary. It shows that the profits of offshore exchanges are still very high.Bybit already issued a year-end… — Wu Blockchain (@WuBlockchain) June 9, 2023

What else is known about the initiative? According to Wu, the fact of issuing additional bonuses indicates that offshore exchanges’ profits are still at a high level.

In total, the company currently employs more than 1000 people. In December 2022, Bybit had to cut some employees because of a prolonged bear market. At that time, the crypto exchange’s CEO Ben Zhou said that the cuts affected all divisions of the structure. He also stressed that the exchange would try to make the process “as smooth as possible” for the affected employees and take care of “each individual’s needs as much as we can.”

In May 2023, Bybit received pre-approval to provide trading and custodial services in Kazakhstan. The decision was made by the Astana Financial Services Authority (AFSA) and will allow Bybit to legally operate within the Astana International Financial Center (AIFC).

What is known about Bybit? The centralized crypto exchange (CEX) was founded in March 2018. As of June 9, there are 314 coins and 395 trading pairs available on the platform, with a daily trading volume of $618,5 million. The number of users exceeds 10 million.

In the same month, the exchange launched a crypto lending service that allows for hourly interest payments from credit pools.

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