The downsizing wave that swept through
the cryptocurrency industry is still on track as Seychelles-based
cryptocurrency exchange, Huobi, has disclosed its plans to prune down its
workforce by 20%.
Huobi told Reuters on Friday that it
intends to maintain “a very lean team” to cope with the current bear market in
the industry. This is even as Justin Sun, Tron’s Founder and Member of Huobi’s
Global Advisory Board, disclosed in an internal memo seen by the outlet that
the crypto exchange has about 1,100 employees.
Sun also noted that the crypto
exchange’s plan for some “structural adjustment” has a first quarter 2023
completion target. The Board member expects that the company’s reorganization
will produce short-term benefits for the exchange.
Meanwhile, Genesis Trading on Thursday
announced its second round of job cuts in less than six months. Sources put the
figure of affected workers at about 30%. The company attributed the action to
efforts to move the business forward. However, the development comes amidst
subsidiary Genesis Global Capital’s trouble
with Gemini over $900
million unpaid debt related to the Gemini Trust Earn programme.
Watch the FMLS22 session on the future of digital assets.
Similarly, crypto-focused bank, Silvergate Capital Corp, also
announced a plan to reduce its headcount by 40%. These job cuts come as crypto
exchanges search for seeks to ensure its survival in the face of dwindling investor confidence in
crypto markets.
Crypto Exchanges Cut Jobs in Recent
Months
In the past few months, a number of
crypto exchanges have also pruned down or announced plans to shed their
workforces.
In early December, Bybit also disclosed
plans to
further reduce its workforce, with confirmed sources putting the figure at
about 30%. The revelation came five months after Bybit trimmed its workforce. A
Bybit spokesperson said the aim was to “remove overlapping functions and build
smaller but more agile teams.”
A week before Bybit’s announcement,
Kraken, one of the longest running cryptocurrency exchanges, decreased
its workforce by 30%, firing
approximately 1,100 people “in order to adapt to current market conditions.”
The downsizing wave that swept through
the cryptocurrency industry is still on track as Seychelles-based
cryptocurrency exchange, Huobi, has disclosed its plans to prune down its
workforce by 20%.
Huobi told Reuters on Friday that it
intends to maintain “a very lean team” to cope with the current bear…
