Latest Crypto News: Huobi To Lay Off 20% Of Its Staff, CoinSwitch Declares Proof Of Reserves

Here are some latest developments in the crypto space.
Latest Crypto News: Huobi To Lay Off 20% Of Its Staff, CoinSwitch Declares Proof Of Reserves

Crypto exchange Huobi plans to lay off about 20 per cent of its workforce, the company said in a statement on Friday. Huobi told Reuters that it will maintain a “lean team” given the current bearish market, although it has not started implementing it yet.

Tron founder Justin Sun had earlier stated that Huobi's “structural adjustment” was expected to complete by the first quarter of 2023.

Reacting to the reports, a Chinese cryptocurrency entrepreneur named Sun reportedly commented that despite the deteriorating macro climate, Huobi has been “a fire in the cold.” Huobi has attracted 20,000 new members daily in the last three months, Sun said.

According to the crypto analytics platform CoinGecko, Huobi was the eighth-largest cryptocurrency exchange in terms of trading volume in late November last year.

CoinSwitch Kuber Releases Proof of Reserves

Crypto exchange CoinSwitch has declared its proof of reserves. As of January 6, 2023, 8 am IST, it held assets worth $112.99 million, or Rs 933.83 crore. The revelation comes amid calls from investors for more openness from the crypto exchanges.

“At the time of evaluation, this accounted for 86.2% of all user assets in our custody. The remaining are held on exchanges, and the value of these assets as of January 6, 2023, 8 am IST is approximately $18.1 million, or Rs 149.62 crore,” the company said in a blog post.

Coinbase-backed CoinSwitch has a total asset value of about Rs 149.62 crore on the exchanges and a total asset value of around Rs 933.83 crore in custodial wallets. Besides its own platform, CoinSwitchX, it collaborates with exchanges like WazirX , CoinDCX, Binance, etc.

“The past year has been turbulent for the markets. However, I believe that bear markets are the best time to slow down, think things through and build. And that’s what we did in 2022. We hunkered down and built. I'm excited to bring these products to you in 2023," said Ashish Singhal, co-founder, and CEO of CoinSwitch .

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