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.
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