• Huobi is reportedly planning to layoff a significant portion of its workforce and cut the salaries of senior employees.
• The company intends to reduce its team size from 1,200 people to 600 and 800 employees.
• Huobi will also cancel its yearly bonuses.
The popular cryptocurrency exchange Huobi is reportedly making plans to join the crypto layoff trend, with reports of plans to cut salaries and layoff a significant portion of its workforce. According to Chinese reporter Colin Wu, Huobi will be reducing its team size from 1,200 people to 600 and 800 employees, in addition to cancelling yearly bonuses for its employees.
The news of Huobi’s plans comes after speculation last month that the exchange was preparing to reduce its headcount due to the high number of employees it currently has. However, the exchange denied the speculation at the time. But now, people familiar with the matter have confirmed that Huobi will be moving forward with its plans to cut the paychecks of its senior executives and layoff a significant portion of its workforce.
The reports come at a time when the crypto industry is facing a challenging market and many companies are struggling to remain profitable. Many exchanges, startups, and other cryptocurrency companies have been forced to reduce their headcount, as well as cut salaries and bonuses of their employees in order to stay afloat.
Huobi is the latest in a long list of companies that have been forced to make tough decisions in order to remain profitable in the current market. It remains to be seen how the company will be affected by the layoffs and salary cuts, but it is clear that the cryptocurrency industry is facing a difficult period.