Huobi, one of the most well-known crypto exchanges, is allegedly downsizing its team to deal with the current challenging environment felt in the cryptocurrency market — the strong decrease of trading volumes in the market as a whole.
The exchange is still profitable — but will reduce some units, namely venture funding and news aggregation.
“We do not know how long the bear market will last, so it is still possible that we will struggle to survive. [...] We have to plan in advance and spend money carefully.” — Said Livio Weng Xiaoqi, Huobi Global CEO.
Founded in 2013, Huobi has been at one point the world’s largest Bitcoin exchange by trading volume. Today, according to a report from South China Morning Post, the exchange has about 1,300 employees around the world.
Crypto exchanges are, indeed, among the most considerable victims of the extended bear market felt in the sector. However, simultaneously, many are looking for new and innovative ways to continue operating.
There is an example, also from Huobi, on that:
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