Following ConsenSys and Bitmain, crypto exchange Huobi looks to cut staff
The cryptocurrency industry is on a roll of scaling back operations and letting go of manpower, with the Singapore-based cryptocurrency exchange Huobi the latest entrant into this growing list, as reported by the South China Morning Post on December 26.
According to SCMP, a spokeswoman for the cryptocurrency exchange said that Huobi is, “optimising staff,” thereby shaving off the worst –performing employees. However, this is far from an ‘employee exodus’ and new staff is being hired for its emerging markets and core teams.
There’s no doubt that this year has been overrun by the bears, leading to the collective crypto market to lose over 80 percent of its value, causing companies like the 1,000 member-strong Huobi Exchange to cut manpower.
Bitmain, the crypto mining hardware manufacturing giant has also been letting go of employees amidst the bearish market. In a statement, Bitmain stated that they are going through, “some adjustment to our staff this year.”
The statement read, “A part of that is having to really focus on things that are core to that mission and not things that are auxiliary. As we move into the new year we will continue to double down on hiring the best talent from a diverse range of backgrounds.”
SCMP reported that a Bitmain employee based in Beijing said that the layoffs will be spread across the several divisions of the mining equipment manufacturer, but he was unsure about the number of jobs that would be cut.
Manpower reductions are growing within the cryptocurrency industry, especially after a disastrous November which saw the collective market cap drop by over $100 billion in one month.
ETCDEV a development team of Ethereum Classic [ETC] announced the closure of its operations following financial difficulties, Tron subsequently offered to build a rescue fund for them and a developer migrated from ETC to TRX.
ConsenSys, the Ethereum centric start-up incubator also announced job cuts to its projects that would result in a significant exodus. Crypto mining GPU manufacturers like GMO internet group, Nvidia and AMD further announced significant drops in their revenue because of the recent ‘Crypto Winter.”
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