Cryptocurrency exchange Huobi is planning mass layoffs and pay cuts.
The exchange is poised to be the last crypto company to join the mass layoff trend.
Huobi to Reduce the Number of Employees
According to Chinese correspondent Colin Wu, the cryptocurrency exchange will cut a significant portion of its workforce, while cutting the salaries of its senior employees.
While the stock market denied speculation that it would lay off staff last month, sources close to the company had confirmed that senior executives’ salaries would be cut.
According to the news, the company plans to reduce the number of personnel in its team from 1200 to around 600-800. The exchange will also cancel the annual bonuses.
The company announced on December 18 that it would launch a series of year-end campaigns. These campaigns would allow users to earn a certain percentage of cryptocurrency rewards. However, the company has withdrawn from this plan.
Huobi has not yet made a statement on the subject. The news sparked speculation about the future of the company and the industry in general.
The company, which has offices in Singapore, Hong Kong and South Korea, is among the most established companies in the industry.