Huobi Global to cut 30% of workforce

Cryptocurrency exchange Huobi Global is believed to be next in line to cut down on staff numbers.

After China implemented its ban on crypto trading last year, Huobi has seen a considerable drop in revenue.

Following the crypto ban, the Bitcoin (BTC) and Ethereum (ETH) platform gradually stopped servicing customers in China last November. All access was then revoked a month later.

Now, at least 300 of 1000 employees are to be cut from the Seychelles-based exchange. This comes as a shock to many as Huobi Global’s daily trade volume regularly surpasses $1.2bn, according to CoinGecko.

A tweet from the WU Blockchain read: “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.”

It’s no secret that the cryptocurrency market is in the midst of a downward spiral. Over the last seven months, the market has descended from an aggregated $2.9tn market cap to $938bn.

BTC has seen a considerable drop from its all-time high of $68,980 in November to a mere $20,800 now.

Huobi’s native token (HT) has also taken a hit, down 1.16% over the past 24 hours to $5.30 at the time of writing.

The exchange is not the first to make the decision to axe its staff. Recently, Coinbase made 1000 redundancies, Gemini axed 10% of its workforce and BitOases sent 5% of its employees packing.

While we all wait for the market to redeem itself, you may want to use your cryptocurrencies for fun and play at 1xBit, FortuneJack, and Bitcasino.

Source

Updated: 06/28/2022 — 19:00