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By CNBCTV18.com Jan 10, 2023 4:48:11 PM IST (Published)
Last year, many crypto giants were forced to cut down on their workforce to cope with mounting losses. These layoffs seem to have followed the digital asset industry into 2023, with a handful of popular web3 firms declaring job cuts over the last week.
Much to the relief of crypto investors and traders, 2023 has gotten off to a rather good start. Most cryptocurrencies in the top 100 list by market capitalisation are in the green year-to-date (YTD), and a majority of these coins have even posted double-digit gains. However, the cryptoverse is still reeling from the disasters of 2022. Last year, many crypto giants were forced to cut down on their workforce to cope with mounting losses. These layoffs seem to have followed the digital asset industry into 2023, with a handful of popular web3 firms declaring job cuts over the last week.
Tag along as we tell you more about these firms and their proposed layoffs.
Huobi wants a ‘lean team’
Huobi, the eighth-largest crypto exchange in the world, announced plans to reduce its workforce on January 6. According to reports, the exchange will be axing 20 percent of its employees in the coming months. This could result in as many as 220 employees losing their jobs as Huobi currently employs around 1,100 staff members.