Houbi Lays off 220 employees

SINGAPORE, Jan 6 (Reuters) – Crypto exchange Huobi plans to lay off about 20% of its staff, the company told Reuters on Friday, in the latest instance of cost-cutting in the industry as investor interest in digital assets wanes.

“The planned layoff ratio is about 20%,” Huobi said in a statement, responding to queries from Reuters. “With the current state of the bear market, a very lean team will be maintained going forward.” The statement confirmed an earlier message from Tron founder Justin Sun, who said that the “structural adjustment” in Huobi had not started yet but was expected to be completed by the end of the first quarter. Sun said the company has 1,100 employees now.

Sun, a Chinese cryptocurrency entrepreneur who is also a member of Huobi’s global advisory board, said in an internal memo to Huobi staff that the company has been like “a fire in the (crypto) winter” despite the deteriorating macro environment.

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