The 2nd Exchange Listing Pi Network Now Plans To Lay Off About 20% Of Its Staff

Key Points:

• Huobi cryptocurrency exchange now plans to lay off nearly 20% of its workforce.
• Rumours: the exchange has closed down internal communication and feedback channels.

According to Reuters, the Huobi cryptocurrency exchange who announced listing Pi Network a week ago, now plans to lay off nearly 20% of its workforce, the latest hint of industry-wide cost-cutting as investor interest in digital assets dwindles.

The announcement confirmed an earlier message from Tron creator Justin Sun, who stated that “structural restructuring” in Huobi had not yet begun but will be finished by the end of the first quarter.

The planned layoff ratio is about 20%, but it is not implemented now. With the current state of the bear market, a very lean team will be maintained going forward, the personnel optimization aims to implement the brand strategy, optimize the structure, improve efficiency and return to the top three.

Huobi spokesperson said

The confirmation comes almost a week after journalist Colin Wu revealed layoffs at the cryptocurrency exchange on December 30. More recently, Wu stated that Huobi has decided to make wage payments in stablecoins rather than fiat cash, which sparked employee objections.

As Reuters reported, Tron founder Justin Sun announced that the platform has had an average of 20,000 new daily users in the last three months. As a result, the exchange was ranked the eighth largest crypto exchange in terms of volume as of last November, according to the analytics website CoinGecko. He also billed the restructuring as “short-term pains” that can eventually bring advantages to the exchange.

The layoffs come amid larger worries over reserves and solvency at multiple cryptocurrency exchanges and lenders following the collapse of FTX and a slew of other bankruptcies last year.

Besides, a Twitter account that has been following the recent situations with the Huobi exchange, was stating that Huobi has closed down internal communication and feedback channels.

Meanwhile, Huobi’s spokesperson stated that the exchange will fully respect the legitimate demands of local employees, and continue to provide industry-competitive incentives and treatment for outstanding talent as it starts a worldwide development strategy.

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