The popular cryptocurrency exchange Bybit has experienced significant growth since its launch in 2018, steadily becoming one of the top exchanges in terms of trading volume and user activity. Similarly, the company has seen a significant increase in the number of crypto jobs created as it capitalizes on the growing demand for digital assets.
In a recent X Space interview hosted by Sean from Nansen, Cody Ong, Bybit’s Business Development Manager, confirmed that over the past six years, the number of Bybit employees has risen from around 90 to over 2000 people. That leap represents a more than 2000% increase.
Cody Ong, who has been with Bybit since 2019, reflected on the company’s impressive growth and reiterated a commitment to meeting the needs of all types of users, including retail and institutional. He said,
“When I joined Bybit, we had just about 90 employees. Today, we’re over 2,000. It’s been an incredible journey, constantly improving and expanding as we go. We focus on all our users. Institutional traders ensure liquidity and market stability, while VIPs and retail traders drive engagement and community.”
Bybit’s employee figure pales in comparison to publicly available statistics for major rivals, such as Coinbase (4,700 employees) and Binance (over 5,000 employees). Yet, Bybit has remained competitive and commands a fair share of market volume.
According to CoinMarketCap data, the exchange ranks as the third-largest by 24-hour trading volume, with a 24-hour trading volume of approximately $3.98 billion. It holds more than $47 billion worth of crypto in reserves, indicating that it has regained market confidence after a $1.4 billion security breach earlier this year.
Crypto Market Recovery Expected
Beyond the strong growth being experienced at Bybit, Cody Ong also shared his thoughts on the recent performance of the crypto market. Even though most major assets are down by double digits from all-time highs, the Bybit veteran remains optimistic about a market recovery.
He noted that the broader crypto market has been relatively quiet, with fewer new projects launching, but then added, “Institutional traders hold a large amount of Bitcoin now, and that stability affects market movement. Retail activity has [also] slowed, but we expect momentum to build again around the holiday season.”
At the time of writing, the global crypto market is valued at $3.55 trillion. Leading assets have rebounded from recent lows, with analysts optimistic about the prospect of more gains in light of loose US economic policies.
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