The Seychelles-based cryptocurrency exchange giant Huobi is reportedly planning to lay off 20 percent of its staff as the ongoing bear market persists to thrash corporations across the industry.
Reuters reports that Huobi reveals “a very lean team will be maintained going forward” amid the cryptocurrency winter.
Tron (TRX) founder Justin Sun, a member of the Huobi advisory board, tells the outlet that the workforce reduction is expected to be finished by the end of the 1st quarter of this year.
The exchange’s planned layoffs are the latest in a series of cost-cutting measures implemented by a lot of the industry’s top corporations. The previous 30 days, Dubai-based cryptocurrency exchange Bybit slashed its workforce by a informed 30%.
In November, top United States exchange Coinbase Crypto exchange removed over 60 jobs in its recruiting and institutional onboarding teams. Coinbase Crypto exchange likewise let goof 18 percent of its employees in June.
In December, San Francisco-based exchange Kraken let go of 1,100 workers, about 30 percent of the company’s workforce.
And in October, areport stated that Singapore-based exchange Crypto.com laid off greater than 2,000 employees, an estimated 30-40 percent of its staff.
Huobi’s native loyalty crypto token, HT, is currently worth $4.76 at the moment of writing. The 49th-ranked cryptocurrency investment by market capitalization is up over 2 percent in the past 24 hours.
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