While it was still only rumors a week ago, the Huobi platform confirmed that it was going to lay off 20% of its staff.
Huobi Global will have to lay off
In order to hold out over time under current market conditions, the cryptocurrency exchange Huobi Global will have to lay off 20% of its staff. While these measures had only been rumors for a week, the company has just formalized them today.
If these layoffs have not yet taken place, they should be effective during this quarter. The exchange will thus deal with fewer staff in order to overcome the bear market, as reported by a spokesperson for the company:
“The planned number of redundancies is around 20%, but it has not been implemented at the moment. With the current state of the bear market, a very small team will be maintained in the future. »
It would therefore be the second wave of departure at Huobiwhile journalist Colin Wu reported that the exchange was going to lay off 30% of its workforce last June:
EXCLUSIVE: Cryptocurrency exchange Huobi will start layoffs, which may exceed 30%. The main reason is the sharp drop in revenue after the removal of all Chinese users. Previously, Bybit also announced a layoff plan. pic.twitter.com/jbRG2Aew5G
—Wu Blockchain (@WuBlockchain) June 28, 2022
👉 To go further – Learn how to secure and store your cryptocurrencies outside of centralized platforms
The best way to secure your cryptocurrencies 🔒
🔥 The world leader in crypto security
👉 Listen to this article and all other crypto news on Spotify
Justin Sun calls for ignoring FUD
Justin Sun, who officially only has an advisory role at Huobi Global, but who is in reality according to some sources the true owner of the platform through About Capital, also spoke about these dismissals. In a Twitter thread, he said the exchange preferred to focus on delivering value, rather than being distracted by the phenomenon of fear, uncertainty and doubt (FUD):
At @HuobiGlobalwe believe that the key to success in the world of cryptocurrency is to “Ignore FUD and Keep Building.”
— HE Justin Sun🌞🇬🇩🇩🇲🔥 (@justinsuntron) January 6, 2023
The FUD in question concerns the solvency of the platform, as rumors begin to swirl. Thus, Justin Sun believes that this storm is only temporary, and that it is necessary to remain flexible to adapt.
Moreover, still according to Colin Wu, the employees of Huobi would no longer be paid in fiat currencybut in stablecoins like USDT and USDC and year-end bonuses would have been removed:
Justin Sun’s HR is communicating with all Huobi employees to change the salary form from fiat currency to USDT/USDC; employees who cannot accept it may be dismissed. The move sparked protests from some employees. Exclusive https://t.co/QB4sjDyHc7
—Wu Blockchain (@WuBlockchain) January 4, 2023
Still on the subject of stablecoins, let’s also remember that since last fall, Huobi has renounced the HUSD, its original stablecoin, and that since then, the USDD of the Tron ecosystem (TRX) has taken on more and more importance. on the platform.
Since it is sometimes difficult to sort out the simple rumors from the hard facts, only time will tell. whether Huobi’s current choices will allow it to get through this market phasewhich got the better of many players in the ecosystem.
👉 Also in the news – Soon the bankruptcy filing for Genesis? The company is laying off 30% of its staff
Progress in the world of cryptocurrencies with Cryptoast experts 📘
Source: Reuters
Newsletter 🍞
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
432 items
