- Huobi is a Chinese-born cryptocurrency exchange that has gained huge popularity in the digital asset exchange market.
- Until now, even with the ban on operating in China, it had managed to adapt and continue to thrive in the international market.
- But trouble finally came to Houbi.
The cryptocurrency market around the world is in trouble. To the fall of the general financial market with the end of the pandemic and the war in Ukraine, other specific problems were added to the asset sector that undermined confidence.
In the middle of the year, for example, the debacle of the LUNA cryptocurrency and its collateralized stablecoin occurred. Months later, the fall of the FTX exchange, one of the three largest in the world and whose former CEO, San Bankman-Fried, is accused of multiple financial crimes.
Huobi: growth and massive layoffs
The novelty this Friday, January 6, comes from one of the other important exchanges: Huobi.
Huobi is a cryptocurrency exchange platform that has gained great popularity in the digital asset exchange market.
Founded in 2013 in China, it quickly expanded internationally to have a presence in more than 130 countries.
One of the reasons why Huobi achieved success is because of having a wide variety of exchange options. The platform offers the possibility to exchange Bitcoin, Ethereum, Litecoin and many others. In addition to offering fiat currency exchange options.
Another explanation for Huobi’s progress is its focus on security and regulation. The platform has implemented advanced security measures to protect its users against fraud and theft.
Despite its success, Huobi has also faced some obstacles. For example, in 2017, the Chinese authorities imposed a complete ban on cryptocurrencies, forcing Huobi to shut down its operations in that country.
But Houbi is not spared from the sharp drop in cryptocurrency prices. It was learned on Friday that the exchange plans to lay off around 20 percent of its staff.
According to Reuters, the decision has already been made, it only remains to know when it will be applied effectively. Tron founder Justin Sun spoke last week of a “structural adjustment” on Huobi which had not yet started, but which was expected to be applied to end of the first quarter of 2023.
Houbi currently has just over a thousand employees, so 20 percent would be around 200 workers.
In the last classification of CoinGeckoHuobi ranked as the eighth largest cryptocurrency exchange in terms of volume.
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