Huobi to Reduce its Workforce by 20%

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Singapore-based crypto exchange Huobi has just confirmed rumors about the company laying off around 20% of its staff.

According to an exchange spokesperson:

“The planned layoff ratio is about 20%, but it is not implemented now. With the current state of the bear market, a very lean team will be maintained going forward. The personnel optimization aims to implement the brand strategy, optimize the structure, improve efficiency and return to the top three.”

Just a few days earlier, crypto journalist Colin Wu reported that the company might be considering staff reductions. In addition, the same journalist had said that the exchange had started to use stablecoins for salary payments instead of fiat money.

According to an email sent to Huobi employees, salaries will be paid in USDT, with staff required “to register a Huobi account to receive salary.”

The exchange spokesperson has added:

“The new shareholders have taken over so far, and in just three months, have slowly reversed the declining trend of the Huobi, established a new organizational structure, as well as adjusted the business departments, and partially optimized for the personnel.”