{"id":5355,"date":"2022-07-02T00:13:54","date_gmt":"2022-07-02T00:13:54","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=5355"},"modified":"2022-07-02T00:13:55","modified_gmt":"2022-07-02T00:13:55","slug":"huobi-founder-looking-to-sell-shares-amid-company-downsizing","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=5355","title":{"rendered":"Huobi founder looking to sell shares amid company downsizing"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p>Global exchange giant Huobi\u2018s founder and CEO Leon Li is reportedly looking to sell his more than 50% stake in the company as the exchange struggles on the revenue front after banning Chinese users.<\/p>\n<p lang=\"en\" dir=\"ltr\">EXCLUSIVE: Huobi founder Li Lin is looking to sell his stake in Huobi. Li Lin currently holds more than 50% of the shares. The second largest shareholder of Huobi is Sequoia China. Huobi\u2019s revenue plummeted after it wiped out all Chinese users and is laying off staff. https:\/\/t.co\/67KOlW9aT9<\/p>\n<p>\u2014 Wu Blockchain (@WuBlockchain) July 1, 2022<\/p>\n<h2>Huobi is downsizing<\/h2>\n<p>Due to the recent downfall in the crypto market, many exchange platforms immediately cut down expenses to survive the winter. Downsizing was the first choice of such crypto companies.<\/p>\n<p>In the middle of June, a firing trend spread within the crypto market, where many crypto companies laid off up to 25% of their staff. Moreover, many are already secretly insolvent and will completely fail soon, according to FTX founder Sam Bankman-Fried.<\/p>\n<p>Huobi is one of the exchanges that experience difficulties. On June 28, the exchange announced that it banned all Chinese users. As a result, Huobi\u2019s revenue fell significantly, which pushed the company to take precautions.<\/p>\n<p>Huobi is expected to lay off around 30% of its staff, which equates to 300 people. A company spokesperson commented on Huobi\u2019s financial troubles and said:<\/p>\n<p>\u201cDue to the current market environment, Huobi Global is in the process of reviewing both its hiring policies and its current manpower, with the goal of re-aligning them to its operational needs. Further to such review, layoffs are a possibility.\u201d<\/p>\n<p>Huobi expelled its Chinese users in September 2021 as well. Upon removal, the Huobi token also hit its 8-month lowest.<\/p>\n<h2>Huobi\u2019s expansion plans<\/h2>\n<p>In February 2022, Huobi publicly spoke of its plans to expand in the U.S. market.<\/p>\n<p>The company ceased U.S. operations four years ago to comply with the regulations at the time. Huobi\u2019s co-founder Du Jun talked to CNBC in February about their future endeavors, which included setting up headquarters in Europe and expanding to the U.S.<\/p>\n<p>Jun said:<\/p>\n<p>\u201cIn 2018, we tried to enter the U.S. market but we quickly withdrew ourselves because we didn\u2019t have a strong commitment to the market at that time and we didn\u2019t have a good management team in the U.S.<\/p>\n<p>I expect asset management to be a bigger business than exchange, which echoes the traditional finance market as well. I don\u2019t think exchange is a necessary element for entering the U.S.\u201d<\/p>\n<p>While disclosing the specific services Huobi will aim to provide, Jun added that the company would return to the U.S. in a more \u201cintegrated and impactful\u201d fashion.<\/p>\n<p>At the time, Bitcoin was traded for around $40K to $45K. At the time of writing, Bitcoin is priced at $19,490.<\/p>\n<h2>Get an Edge on the Crypto Market \ud83d\udc47<\/h2>\n<p>Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.<\/p>\n<p>  <strong>On-chain analysis<\/strong><\/p>\n<p>  <strong>Price snapshots<\/strong><\/p>\n<p>  <strong>More context<\/strong><\/p>\n<p> Join now for $19\/month Explore all benefits<br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/huobi-founder-looking-to-sell-shares-amid-company-downsizing\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global exchange giant Huobi\u2018s founder and CEO Leon Li is reportedly looking to sell his more than 50% stake in the company as the exchange struggles on the revenue front after banning Chinese users. EXCLUSIVE: Huobi founder Li Lin is looking to sell his stake in Huobi. Li Lin currently holds more than 50% of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5356,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-5355","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5355","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5355"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5355\/revisions"}],"predecessor-version":[{"id":5357,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5355\/revisions\/5357"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/5356"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}