Crypto exchange firm Huobi to lay off 20% of workforce amid industry slump

Crypto exchange Huobi adds its name to the list of companies that chose to lay off their staff as it announced to lay off 20% of its workforce for cost cutting as investor interest in digital assets has slumped sharply.The crypto exchange company told Reuters thatitplans to lay off 20 per cent of its workforce.Huobi, in a statement, said, "The planned layoff ratio is about 20 per cent, but it is not implemented now. With the current state of the bear market, a very lean team will be maintained going forward."

The statement comes after a similar message earlier from the Tron founder Justin Sun, who said that the 'structural adjustment' in the company hasnot started, but is expected to complete by the first quarter.

The founder of the cryptocurrency exchange firm in an internal memo said that the company has been a 'fire'in the "(crypto) winter" despite the deteriorating macro environment.

When asked, he termed the shortage as "short-term pains" that can bring advantages for the firm.

Similarly, cryptocurrency firm Genesis recently in its second round of layoffs cut 30 per cent of its workforce in less than six months.

Globally, Huobi stood as the eighth largest crypto-exchange as of November, according to analysing website CoinGecko.

As per CoinMarketCap, the Huobi Token peaked in late October at $ 9.40 with a 24-hour volume then of $52.50 million.

However, as of Friday, the token price was $4.68, and volume was down to $20.53 million.

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