Digital Asset Exchange Giant Huobi Plans To Lay Off 20% of Its Staff Amid Ongoing Crypto Winter: Report

The Seychelles-based crypto exchange giant Huobi is reportedly planning to lay off 20% of its staff as the ongoing bear market continues to thrash companies across the industry.

Reuters reports that Huobi says “a very lean team will be maintained going forward” amid the crypto winter.

Tron (TRX) founder Justin Sun, a member of the Huobi advisory board, tells the outlet that the workforce reduction is expected to be completed by the end of the first quarter of this year.

The exchange’s planned layoffs are the latest in a series of cost-cutting measures implemented by many of the industry’s top firms. Last month, Dubai-based crypto exchange Bybit slashed its workforce by a reported 30%.

In November, top US exchange Coinbase removed over 60 jobs in its recruiting and institutional onboarding teams. Coinbase also let go of 18% of its employees in June.

In December, San Francisco-based exchange Kraken let go of 1,100 workers, about 30% of the company’s workforce.

And in October, a report indicated that Singapore-based exchange Crypto.com laid off more than 2,000 employees, an estimated 30-40% of its staff.

Huobi’s native loyalty token, HT, is trading at $4.76 at time of writing. The 49th-ranked crypto asset by market cap is up over 2% in the past 24 hours.

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney



Source

Spread the love

Related posts

Leave a Comment