Huobi to Cut Workforce, Slash Salaries Amid Crypto Bear Market
• Huobi is reportedly cutting its workforce and reducing the salaries of senior employees.
• The exchange is said to be cutting its team size from 1,200 people to 600-800 and canceling yearly bonuses.
• Huobi previously denied speculation that it was going to lay off staff due to its high employee count.
Huobi, a popular cryptocurrency exchange, is reportedly looking to downsize its workforce and reduce the pay of its senior employees. According to Chinese reporter Colin Wu, the exchange is set to move forward with the plan in cutting its headcount from 1,200 employees to 600-800 and canceling yearly bonuses.
This news comes after Huobi was forced to debunk speculation last month that it would be cutting its staff due to its high number of employees. Although the company denied the claims at the time, people familiar with the matter have since confirmed the reports.
The impending layoffs and salary cuts are seen as a response to the current bear market in the cryptocurrency industry. Many exchanges and other crypto-related companies have had to downsize due to the prolonged bear market and the lack of trading volumes. In addition, exchanges have had to reduce the salaries of their executives to stay afloat.
Huobi isn’t the only exchange that has had to resort to these measures, as rivals Binance and OKEx have also reported layoffs and salary cuts in recent months. At the same time, other crypto companies such as Bitmain, ConsenSys, and Steemit have also had to take similar measures to keep their businesses afloat.
This news comes at a time when the crypto industry is facing a period of uncertainty, with many predicting that the bear market could continue for the foreseeable future. However, there are also those who remain optimistic that the market will eventually turn around, as many investors have recently been buying up more digital assets.
It remains to be seen how Huobi’s layoffs and salary cuts will affect the exchange’s business in the coming months. But whatever the outcome, the news is sure to be a cause of concern for many in the cryptocurrency community.