Huobi Reportedly To Lay Off Staff Amid Prolonged Bear Market

  • Reportedly, the business plans to lay off between 600 and 800 workers.
  • Furthermore, the exchange will no longer provide annual incentives.

According to Chinese journalist Colin Wu, popular cryptocurrency exchange Huobi will lay off a large chunk of its personnel and reduce the compensation of top employees. Reportedly, the business plans to lay off between 600 and 800 workers, down from its current headcount of 1,200, the report said. Furthermore, the exchange will no longer provide annual incentives.

The exchange has denied rumors that it may lay off workers due to an excessive workforce in a statement released last month. However, those in the know have verified that Huobi will proceed with the strategy, which includes reducing the salaries of its top executives.

As of December 18th, the first in a series of year-end promotions that the firm announced last month went live. Users may enter to win certain cryptocurrencies via events and contests organized as part of these campaigns.

Industry-Wide Layoffs

The annual incentives have been cut off without warning since the company plans to abolish the programme altogether. This shift occurs when the bear market continues to worsen, making it difficult for many businesses to remain profitable.

Huobi, which launched in 2013, has yet to comment formally. Concerns have been raised regarding the future of the firm and the industry as a whole as a result of the revelation. After FTX’s demise, this exchange has emerged as one of the industry’s most established and important participants.

Since the beginning of the bear market, several cryptocurrency companies have reduced their staff, and Huobi might not be an exception. Coinbase and Crypto.com are just two of the many cryptocurrency exchanges that have had to lay off a significant portion of their workforce in order to reduce overhead and remain in business.

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An engineering graduate who is passionate about writing and loves the very existence of crypto. Trading forex currency keeps me busy when I am not writing and analysing the crypto world.