Huobi joins the list of cryptocurrency companies that will be reducing their headcount amid the ongoing downturn.
The current cryptocurrency downturn is taking its toll and yet another exchange appears to be facing serious challenges. Huobi – a platform that used to be very prominent in china – will reportedly lay off at least 30% of its staff.
According to well-known cryptocurrency reporter Colin Wu, Huobi will start cutting staff. The reason is touted to be “the sharp drop in revenue after the removal of all Chinese users.”
At the time of this writing, there hasn’t been an official confirmation from the exchange.
It’s also worth noting that Huobi is far from being the only one to reduce its staff numbers.
As CryptoPotato reported earlier in June, the leading US-based cryptocurrency exchange Coinbase announced an 18% layoff.
Other crypto-related platforms that have reduced their headcount include BlockFi, Bybit, CryptoCom, and others.
Georgi Georgiev is CryptoPotato's editor-in-chief and seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn