Cryptocurrency exchange Huobi has bad news

This is bad news that the cryptocurrency industry could have done without.

This information suggests that the very difficult period that the young Blockchain-based financial services industry is going through is far from over.

Cryptocurrency exchange Huobi just announced a 20% reduction in its workforce in a general cost-cutting move to deal with falling cryptocurrency prices.

“With the current state of the bear market, a very lean team will go forward,” Huobi’s spokesman told Reuters news agency.

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