Huobi on Friday reportedly said it plans to reduce its global headcount by about 20%, in the latest round of layoffs to hit the cryptocurrency industry.
The Seychelles-based company is one of the largest crypto exchanges globally, handling about $370 million of trading volumes on a single day, according to data from CoinGecko.
The Seychelles-based company is one of the largest crypto exchanges globally, handling about $370 million of trading volumes on a single day, according to data from CoinGecko.A company spokesperson told news agency Reuters that Huobi had a "planned layoff ratio" of about 20%. Bloomberg and the Financial Times also reported on the layoff plans Friday.
Justin Sun, who sits on the company's advisory board as a member, described the move to Reuters as a "structural adjustment" that had not yet started and was expected to be completed by the first quarter.
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