• Huobi is reportedly planning to reduce its workforce from 1,200 to 600-800 and is cutting senior executive salaries.
• The exchange is reportedly cancelling its yearly bonuses as well.
• The news follows a trend of layoffs in the crypto industry due to the current market conditions.
Huobi, one of the largest cryptocurrency exchanges in the world, is reportedly planning to make major workforce cuts and salary reductions. According to Chinese reporter Colin Wu, Huobi is about to join the crypto layoff trend with its plans to reduce its team size and cut the salaries of senior employees.
The news follows a trend of layoffs in the crypto industry due to the current market conditions. Many companies have been forced to downsize as the price of Bitcoin and other cryptocurrencies have fallen drastically in the past year. Last month, rumors swirled that Huobi would be one of the companies affected by the crypto winter, but the exchange quickly debunked them, stating that they had no plans to reduce their headcount. However, sources familiar with the situation have now confirmed that Huobi will indeed be cutting its workforce and reducing the salaries of its senior executives.
According to the report, Huobi is planning to reduce its team size from 1,200 people to between 600 and 800 employees. In addition, the exchange will be cancelling its yearly bonuses. Layoffs will reportedly begin in the near future, and senior executives’ salaries will be reduced by as much as 30-50%.
The news of Huobi’s impending layoffs comes at a difficult time for the crypto industry. Many companies have been forced to make difficult decisions in order to survive the bear market. Last month, cryptocurrency exchange Binance announced that it would be cutting its workforce by 7%, while Coinbase and OKEx are also reportedly planning to downsize.
It remains to be seen how Huobi’s layoffs and salary cuts will affect the exchange’s operations and its employees. It is also unclear if the move will be enough to help the exchange weather the current market conditions. However, it is clear that the crypto industry is facing difficult times, and many companies are being forced to make difficult decisions in order to survive.