Crypto exchange Huobi to lay off 20% of staff

Singapore-based crypto exchange Huobi has confirmed that it will lay off around 20% of its staff.

The move follows rumors of layoffs at the company and a report by journalist Colin Wu that Huobi had started paying salaries in stablecoins rather than fiat currency, leading to protests from employees.

Huobi was acquired by About Capital Management’s M&A fund in October, with Tron founder Justin Sun later named as an adviser to the exchange.

Huobi’s spokesperson said the company is currently adding 390,000 new users per month and is embarking on a global expansion plan.

“The personnel optimization aims to implement the brand strategy, optimize the structure, improve efficiency and return to the top three,” the spokesperson said.