Pi Network, 2nd Exchange Listing, Plans to Layoff About 20% of Its Staff

Key Points:Huobi cryptocurrency exchange plans to lay off almost 20% of its workforce.
Rumours: The exchange has shut down all internal communication channels and feedback channels.
According to Reuters, Huobi, the cryptocurrency exchange that listed Pi Network a week earlier, plans to lay off nearly 20%. This is the latest indication of industry-wide cost-cutting. Justin Sun, Tron creator, stated that while “structural restructuring” in Huobi has not yet begun, but will be completed by the end of this quarter.
Although the planned layoff rate is approximately 20%, it is not being implemented right now. Given the current bear market, it is necessary to maintain a small team. The personnel optimization aims at optimizing the structure, improving efficiency, and returning to the top three brands.
A spokesperson for Huobi said that the confirmation comes almost one week after Colin Wu, a journalist, revealed layoffs at cryptocurrency exchange. Wu also stated that Huobi will make wage payments in stablecoins, rather than fiat cash. This was a week after Colin Wu, Reuters’ journalist, revealed that Huobi had laid off 20,000 employees in the last three-months. According to CoinGecko, the exchange was the eighth-largest crypto exchange by volume in November 2017. He described the restructuring as temporary and could eventually lead to benefits for the exchange. He also said that restructuring could bring benefits to the exchange in the short-term, despite the fact that it is causing some problems. We encourage you to do your own research before investing.Join us to keep track of news: coincu.comThanaCoincu NewsTags: #HuobiHuobiHuobi GlobalHuobi GroupJustin sunPi networkTRON