Huobi Aims to Obtain 100 Million Users by End of 2023

Cryptocurrency exchange firm Huobi, which oversees a continuously running platform without a single security breach in 10 years of operations, has set a goal of reaching 100 million users by the end of 2023, according to Tron founder and Huobi adviser Justin Sun.

Crypto-focused news outlet Wu Blockchain reported last week that Huobi had canceled all year-end bonuses and will lay off about 40% of employees from its current workforce of about 1,200 people. It will discuss income structures with high-paid employees, wrote the report, which cited anonymous sources.

Sun told staff that reports regarding layoffs at Huobi were not true, according to Chinese business news outlet Jiemian News, citing an internal statement penned by Sun. “It is not easy to have a hard time now, but Huobi is full of potential and its daily user increase has reached the first level in the industry. We are in a critical period of development. I believe 2023 will be better,” said Sun. The media outlet also cited a source close to Huobi as saying, “Huobi has been losing money since it withdrew from China and has to reduce costs.”

In terms of business scale and the size of its workforce, Huobi is beginning to lag behind Binance and OKX. On December 29, an open letter issued by firm founder Zhao Changpeng showed that the platform has 7,500 employees from more than 100 countries around the world. OKX, meanwhile, employs many more thousands of people.

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Recently, Huobi’s “Pi” project went online without any official authorization, causing some controversy. However, according to Sun, Huobi’s user increase in recent days has surpassed the peak level in 2021, causing some competitors to envy this and spread rumors.