BitTorrent Token Airdrop Takes Off Today, Here’s What We Know About It

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BitTorrent Token Airdrop Takes Off Today, Here’s What We Know About It

Tron will start distributing its BitTorrent Token in airdrops, to its TRX holders through the Binance Launchpad platform. The Tron Foundation plans to airdrop tokens for the next six years up to February 2025.

BitTorrent Token Airdrop Takes Off Today, Here’s What We Know About It

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Source: CoinSpeaker

Chinese Cryptocurrency Exchange Finds Reverse Merger as Route For IPO

Yet another crypto trading platform has joined the rally of the reverse merger – and it is the parent company of OKCoin Exchange, OKC Holdings Group. Following the acquisition of Hong Kong-listed firm, Leap Holding Group OKCoin seeks to enter the Hong Kong market. With ownership of 60.49 percent of its stock, the exchange is likely to enter Hong Kong Stock Exchange (HKEX) soon ahead of IPO request approval of major bitcoin mining rig makers.
The news first broke out when OKCoin founder, Mingxing “Star” Xu bought $60 million shareholders in HongKong listed ‘Lead Holding Group’. And technically, Xu holds 52.32 ownership in OKC Holdings via his two firms Star Xu Capital and OKC Service Company which have made him the largest shareholders of the public listed firm. Lead Holding Group is primarily a Caymans Island-incorporated construction engineering firm that is already listed under Hong Kong Stock Exchange.
Below is the screenshot of agreement deed – visit here for details

Regulations in Hong Kong have been hesitant towards the IPO, requested by major Bitcoin mining firms including Bitmain Technologies, Canaan Creative and Ebang International Holdings. Following the setbacks from the Hong Kong regulators, the ownership of this kind in already public-listed firm become the back door to enter the market and enjoy potentials.
The move comes in the midst of Bithumb’s initiative of a binding letter of intent (IoT) agreement with US-listed Blockchain Industries. Following the reverse merger, these exchanges are quick to enter the respective market ahead of IPO.

@BithumbOfficial Leading Crypto Exchange to Enter US Market following Reverse Merger Techniquehttps://t.co/bycIuifSGc#Bithumb #CryptoExchange #Crypto #Cryptocurrency #CryptoNews #USA #BTHMB #IPO
— CoinGape (@CoinGapeMedia) January 23, 2019

Beside Bithumb and OKCoin, the reverse merger has already been employed by other exchanges and known personalities of the crypto market. As such, during August 2018, a Singapore based Huobi acquired 66.26 percent in Pantronics Holding which is an HKEX-listed firm. Moreover, Michael Novogratz, a Bitcoin billionaire, and investor also applied the similar technique in July 2018. His move counted with the merger agreement to acquire Toronto-listed shell company Bradmer Pharmaceuticals by Galaxy Digital Crypto merchant bank to enter into the Canadian market.
What do you think on the reverse merger over IPO as a way to enter into market? share your opinion with us
The post Chinese Cryptocurrency Exchange Finds Reverse Merger as Route For IPO appeared first on Coingape.
Source: CoinGape

Chinese Crypto Exchanges Seek Backdoor Listings in Hong Kong

As the bear market continues with no signs of a change in trend crypto exchanges and mining giants in China seek ways to stay afloat. One method which has been increasing is a reverse merger in Hong Kong as IPO hopes fade.
Reverse Mergers Becoming The Easy Route
Hong Kong regulators are growing increasingly wary of Chinese crypto firms trying to get listed to avoid the digital blackout in their own country. According to the SCMP, citing ‘people familiar with the matter’, chief executive of the Hong Kong Exchanges and Clearing, Charles Li Xiaojia, said companies seeking to go public should show consistency in their business models. The comments are in direct reference to media comments on high profile IPO plans from Bitmain, Canaan and Ebang, though he did not mention them specifically.
It appears that reverse mergers are becoming a popular way to get listed without going through the IPO process which can be lengthy and arduous. As recently reported by NewsBTC Singapore’s Blockchain Exchange Alliance has attempted a similar technique for its majority owned Korean exchange Bithumb by buying out a US publicly listed blockchain company. If Bithumb, currently the top crypto exchange by reported volume at $1.3 billion, did get listed in the US it would be the first crypto exchange to do so. Mike Novogratz did something similar with Galaxy Digital on Canadian markets after a reverse merger with publicly listed shell company Bradmer Pharmaceuticals.
Last week OKC Holdings Corp, the parent company of OKCoin, bought a controlling share in Hong Kong-listed construction engineering firm Leap Holdings Group. The reverse merger allows the crypto exchange to get a ‘back door listing’ without going through the IPO procedure.
Chinese cryptocurrency exchange Huobi has made a similar move when it purchased a 66% stake in Hong Kong listed Pantronics Holdings in August last year. These reverse mergers have become the method of choice to get a relatively easy listing in the wake of tumbling profits as the bear market drags on. Cryptocurrency analyst with Beijing-based research firm Symbt, Xiao Lei, said;
“Hong Kong is one of the easiest markets for reverse IPOs, because there are many small-cap stocks,” before adding “It did not go well for hardware manufacturers like Bitmain to go public, what more for companies directly dealing with cryptocurrency trades,”
The year-long crypto bear market is showing no signs of abatement and if industry analysts are correct there is more pain to come for cryptocurrencies and blockchain companies.
Image from Shutterstock
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Litecoin (LTC) Contracts Launching on Huobi’s Derivative Market in Less than 24 hrs

Litecoin is the fourth digital asset added to the Huobi’s Derivatives Market after Bitcoin, Ethereum, and EOS. Litecoin contracts will be launched on January 25 at SGT 18:00 p.m. Last month, amidst the declining trading volume on various exchanges, Huobi DM claimed a whopping $1 billion in trading volume.
LTC Contracts Coming Tomorrow
One of the biggest crypto exchanges by market cap of about $285 million as per Coinmarketcap, Huobi is now launching Litecoin Contracts on its Derivatives market on January 25 that is less than a day away.
The exchange took to Twitter to share the news,

Huobi’s latest contract for the digital asset Litecoin is based on LTC/USD index that covers price LTC from four exchanges viz. Bitstamp, Gdax, Kraken, and Huobi. Each of these exchanges has 25 percent share in the index. With price quotation unit point and contract multiplier 1 USD/point, the minimum price change is 0.001 point.
These Litecoin contracts are of three types, weekly, bi-weekly, and quarterly with a face value of 10 USD. The minimum margin provided by Huobi for 1x leverage is 10%; for 5x it’s 20%; margin for 10x leverage is 10%, and for 20x leverage, it’s 5%.
Users are allowed to trade till the last 10 minute before the delivery but only to close positions. As for the delivery date, it’s 16:00 pm (UTC + 8) of the Friday before the contract expiration week.
The fees rate for open positions maker is 0.02% and for taker, it’s 0.03 percent. Same fees apply to close position maker and taker. Meanwhile, the delivery fees rate is 0.05 percent while the contracts will be settled in digital asset price difference.
Other Altcoins Contracts in the Pipeline
Huobi has already launched the contracts of Bitcoin, Ethereum, and EOS. Back in December 2018, the daily traded volume of cryptocurrency contracts on the Derivative Market of Huobi registered more than $1 billion just after a month of its launch.
This platform allows traders to trade the digital asset contracts with the purpose to speculate, arbitrate, and hedge. Now, Litecoin is the fourth digital asset in this list and others are expected to get added soon as the Litecoin contracts announcement further states, “Huobi DM will launch other altcoins contracts successively, please stay tuned.”
While the trading volumes across different exchanges are taking a substantial hit, Huobi has launched its derivatives market with four of the top cryptos that according to the Huobi Global’s CEO Livio Weng allow the market participants to control risks in a volatile trading climate.
The post Litecoin (LTC) Contracts Launching on Huobi’s Derivative Market in Less than 24 hrs appeared first on Coingape.
Source: CoinGape

Top 5 Crypto and Blockchain Events We’re All Waiting for in 2019

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Top 5 Crypto and Blockchain Events We’re All Waiting for in 2019

While that the cryptocurrency industry is going through a very rough phase, here are the five events expected to set the growth trajectory of the crypto market in 2019.

Top 5 Crypto and Blockchain Events We’re All Waiting for in 2019

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Source: CoinSpeaker

Binance, Huobi and More Announce Support of the Upcoming BitTorrent Token (BTT) Airdrop

CoinSpeaker

Binance, Huobi and More Announce Support of the Upcoming BitTorrent Token (BTT) Airdrop

The BTT airdrop program is set to start on February 11, 2019, and will continue until 2025, with allocations dispersed yearly. It has already received support from Binance, OKEx, Huobi, and other exchanges.

Binance, Huobi and More Announce Support of the Upcoming BitTorrent Token (BTT) Airdrop

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Source: CoinSpeaker

Huobi Exchange Remain Profitable – CEO Claims, Amid Bear Market & Lay Off

Huobi exchange which has announced the lay off for almost 50 percent of its staff is still profitable. The chief executive of Huobi Global, Livio Weng Xiaoqi claims that the firm’s valuation is profitable every month.
Turning Profits Amidst Layoffs and FSA Licencing
During an interview, Weng in his Beijing office discusses how Houbi is still worth profiting regularly. Although the figures for profit is a matter of secret but Weng credits ‘transaction fees’ as the main source of earning for exchange. He said that;
“We do not know how long the bear market will last, so it is still possible that we will struggle to survive. We have to plan in advance and spend money carefully.”
Huobi global, the main exchange business is reportedly contributing as much as 70 percent of its total revenue. As per the data from Coinmarketcap, the exchange valued the average trading volume of $256,282,917, plunged to the eighth position by losing 25.43 percent during 24hrs.
Source: CoinMarketCap
Regulated Crypto Exchange 
Despite the strict regulatory compliance, Huobi exchange intends to reach millions across the world. Significantly, Huobi on 17th Jan 2019 has acquired a license from FSA (Financial Service Agency) to capture the Japanese market. By acquiring the license, the exchange is now a fully licensed platform in Japan. Interestingly, the firm is also merged with BitTrade exchange which was one of the 17th exchange receiving the license from FCA. Following the acquisition, BitTrade’s existing customers are expecting to have new account with Huobi Japan and to undergo with KYC process as well. Haiteng Chen, Huobi Japan CEO says;
“We’re looking to continue to grow our presence here while offering top-notch digital asset trading services in Japan.”
Huobi’s mission of capturing the global market is likely the reason why it wants to be a fully licensed firm across the various countries. Notably, until now, it has obtained the license in USA, Japan, and Europe. In a similar context, Weng reveals that Huobi’s major audience is Chinese who live outside of China. Accordingly, he says that 70 percent of Houbi’s customer who is Chinese uses VPN service. He notes that,
 “Our greatest advantage over competitors is that we have licenses in all major countries – we are the only one among top global exchanges,”
Besides operating as a crypto exchange, Huobi is also exciting the people interested in future trading. Accordingly, in late 2018, it has launched the ‘derivative trading platform’ in competition to OKEx and BitMEX exchange. As on Jan 17, 2019, Huobi Derivative Market marks more than $20 billion as per the reports. Further, the achievement co-relates the company’s believe of catering to customer’s requisites. Livio Weng says that;
“I believe this explains our platform’s explosive growth, even in the midst of the ongoing bear market,”
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Source: CoinGape

Will Crypto Exchanges be Able to Survive The Brutal Crypto Winter?

Only the fittest will survive, or so the saying goes. This mantra does not only apply to the animal kingdom, it works in the business world also and surviving is what a lot of crypto exchanges and companies are struggling to do as the bear market enters its second year.
Global Expansion Success For Huobi
The larger crypto exchanges have a better chance of weathering the storm. Downsizing may be inevitable but their large client base should keep them afloat until the crypto winter abates and markets turn around again. Huobi is one of the big players but it has gone from awarding its senior executives multi-million dollar bonuses in Bitcoin to axing staff a year later.
According to the SCMP Beijing based Huobi Group is still turning a profit despite trade volume shrinking to a tenth of what it was a year ago. CEO of Huobi Global, Livio Weng Xiaoqi, said that transaction fees make up the bulk of profits adding; “We do not know how long the bear market will last, so it is still possible that we will struggle to survive. We have to plan in advance and spend money carefully.”
Huobi’s daily trade volume was well over two billion dollars a year ago, today it has shrunk to just $318 million according to Coinmarketcap. Reported volumes on exchanges vary hugely though so all figures must be eyed warily. What is indisputable though is that volumes and profits are way down along with crypto markets themselves.
Venture funding and news aggregation are loss leaders for Huobi and this is where it is making cuts while still expanding its core business. Weng added that the recent closure of its Shenzhen research subsidiary and downsizing of its Huobi Info news app has resulted in the loss of around 100 positions. Huobi still employs over 1,300 people globally however and was the top crypto exchange at one point.
Huobi’s success is its global reach, with over 70% of its customers being Chinese who live outside of China, or use VPN’s, it has access to a huge and growing market. “Our greatest advantage over competitors is that we have licenses in all major countries – we are the only one among top global exchanges,” Weng added.
Conversely Binance has pulled out of Japan and will not deal with the US due to increasing regulatory pressure a less than positive stance from the government. Huobi has operations in both of these countries and Europe where crypto to fiat trading licenses have been obtained. Its key to survival at the moment is the predominantly Asian client base which is still very hungry for crypto in spite of the ever present bears.
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Bitcoin Transactional Volume Crossed $3 Trillion in 2018: Research

The transactional volume of Bitcoin, the world’s leading decentralized digital currency, exceeded $3 trillion in 2018, researchers found.
According to Satoshi Capital Research (SCR), the Bitcoin network experienced $2.2 trillion worth of trading volume. At the same time, it recorded $3.2 trillion in Layer One transactional volume, down 8.3% than the amount in 2017. However, the median change in Bitcoin trading volume since 2009 was positive, rising at an average rate of 2.91% every year.
The New York firm compared Bitcoin’s trading volume with the volume of fiat currencies of emerging economies. It noted that people traded the digital money more than Argentinian Pesos and Bulgarian Lev. At $2.2 trillion, Bitcoin was beaten only by Chilean Peso, Israeli Shekel, and Thai Baht, whose trading volumes were $4.38 trillion, $5.11 trillion and $6.57 trillion, respectively, in 2018.
Source: SCR
“This solidifies [Bitcoin’s] position as a serious global currency, ranking just under the Chilean Peso and more than 6x the Bulgarian Lev,” wrote SCR.
Fake Volumes
The researchers studied graphs provided by CoinMarketCap.com, a renowned crypto data aggregator service which arranges trading data from the order books of multiple crypto exchanges. Several of these exchanges are unregulated so it increases the probability of wash trading, whereby a trading service simultaneously buys and sells an asset to manipulate its value.
According to Blockchain Transparency Institute (BTI), an independent blockchain research group, the volume of top pairs that CoinMarketCap.com sources from exchanges are fake. Trading companies like OKEx, Huobi, and BitHumb have allegedly reported wrong trading volumes of their Bitcoin-related pairs.
“We have calculated the true volume of the CMC top 25 BTC trading pairs,” read BTI. Most of these pairs actual volume is under 1% of their reported volume on CMC. We noted only 2 out of the top 25 pairs not to grossly wash trading their volume, Binance, and Bitfinex.”
OTC Trading
Also, SCR didn’t discuss how a considerable portion of trading volumes does not appear on exchanges’ order books. People with a high number of Bitcoin units exchange them over-the-counter, in a process called OTC trading. Just recently, Goldman Sachs-backed Circle alone posted $24 billion worth of OTC trading volume in 2018 at its exchange. It proved that how big investors use offline services to conduct bitcoin trades – they lie anywhere between $50,o00 and the hundreds and millions of dollars.
Reuters reported that crypto company Genesis Trading handled $75 million to 85 million worth of trading volume every day, which didn’t make to the CoinMarketCap index.
Meanwhile, Tabb Group, a UK-based marketing research firm, in its April 2018 study, said that the OTC market could be 2-3 times bigger than the online exchange market.
“The big deals have to go OTC. A lot of the exchanges limit the order size, so you have to break up your orders, and that’s just fatal,” said Monica Summerville, Tabb’s director of fintech research.
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Upcoming Ethereum Constantinople Hard Fork Already Backed by 19 Exchanges Worldwide

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Upcoming Ethereum Constantinople Hard Fork Already Backed by 19 Exchanges Worldwide

Ethereum is preparing for its next milestone – Constantinople hard fork. The launch is planned in four stages: Frontier (beta stage to develop and test dapps), Homestead (to stabilize the platform), Metropolis (ongoing) and Serenity (upcoming).

Upcoming Ethereum Constantinople Hard Fork Already Backed by 19 Exchanges Worldwide

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Source: CoinSpeaker

Are Bitcoin Fundamentals Getting Stronger or Weaker? Huobi Weekly Report Reveals Striking Observations

A lot of people on the street have spoken about how the bitcoin fundamentals are bettering, but a recent weekly update by Huobi Research speaks a slightly different story. The weekly update captures some data points put forward by Firecoin Blockchain Big Data which claims that the last two weeks have not been that great for Bitcoin fundamentals.
Are Bitcoin fundamentals getting weaker?
Huobi Research mentioned the first weekly update of 2019 by the data team of Firecoin Blockchain Research Institute and states that the fundamentals of cryptocurrencies started 2019 on shaky ground.
Huobi Research shared the first weekly update of 2019 which captured some really interesting points put forward by the data team of Firecoin Block Chain Research Institute.
The report puts forward the following key bitcoin fundamental findings.

The number of new Bitcoin addresses has dropped significantly for two consecutive weeks, and this week it hits a new low of the past half a year;
The number of transfers and the volume of transactions has declined over these two weeks
The number of active Ethereum addresses has decreased;
The number of EOS transactions has dropped, and the number of its new addresses has dropped to nearly 50%;
The cryptocurrency market transactions have increased in the last week. The IOTA was the biggest gainer, and the NEM was the biggest loser. As to transaction volume, Maker got the biggest rise, and the ETC was the biggest loser.

The report further extends the research on social media trends as well.  The key finding there were:

For digital currencies, in China, the most trending digital currencies were Bitcoin, Ethereum, and EOS while internationally it was BTC, ETH, and XRP
With regards to events in the crypto industry, the most trending keywords in China are “bear market”, “bull market” and “bifurcation”, while across the global the key trending words were “ SCAM fraud”, “wallet” and “mining”
In the field of cryptocurrency and exchange category, the keywords trending in China were Currency Security and Sun Yuchen while globally the keywords were Coinbase, Satoshi, and Binance.

The report also captures the analysis of Github data. According to the report:

1)ETH, 2) BTC and 3) EOS saw maximum praises this week
1) BTC, 2) ADA and 3) IOTA saw the maximum number of followers this week
1) ETH 2) IOTA 3) ADA saw the maximum number of lines of code added this week

While it could be anticipated that due to year-end holidays this decline in the number of accounts was seen, but if the trend continues like this crypto fundament would be tested big time.
What do you think was the reason for this dip in new accounts for Bitcoin? Do let us know your views on the same. 
The post Are Bitcoin Fundamentals Getting Stronger or Weaker? Huobi Weekly Report Reveals Striking Observations appeared first on Coingape.
Source: CoinGape

Coinbase Considering Subscription Model, Hints New User Survey

Cryptocurrency exchanges like Coinbase and others drive their revenue through the fees users are charged for the trades or purchases they make.
However, a new user survey being circulated by Coinbase appears to hint at the cryptocurrency powerhouse exploring new fee models, including a subscription model.
Coinbase Survey Polls Users on Potential Subscription Model
Companies frequently send around surveys to their most active and loyal customers, seeking valuable input and feedback that may or may not end up shaping future products or services. This past week, San Francisco-based cryptocurrency giant Coinbase sent around a survey to select customers seeking feedback on a number of questions.
According to the questions asked in the survey, Coinbase appeared particularly interested in changing up its fee structure in order to remain competitive in the ever-changing crypto space. Among the questions, the crypto firm compared their maker and taker fee models against other exchanges, such as Binance, Huobi Pro, Gemini, and more.
Related Reading | Coinbase Exploring Support for 31 More Crypto Assets
However, there was another section of questions where Coinbase focused on gaining user input on potentially switching to a subscription fee model for users. The survey asked how interested a user would be in paying a “modest subscription fee” in exchange for lower “maker” or “taker” fees and other perks.

With a subscription model, a user would likely pay a monthly or annual fee to gain access to lower overall fees and “perks.” The survey didn’t hint at what the potential perks might be. It’s also worth pointing out that survey’s like the one in this example are seeking to gain feedback and may not lead to actual products or changes to services. Should the feedback about the subscription services be overwhelmingly negative, the subscription model may never see the light of day.
Coinbase Pivoting To Better Monetize Active Users?
A recent report from the Blockchain Transparency Institute showed that Coinbase had the highest number of daily active users on its cryptocurrency exchange. The Brian Armstrong-led firm boasted over 100,000 more active users than Binance, and nearly four times as many users as the #3 and #4 spots on the list.
However, despite having such a large amount of active users, each user only contributed a dismal amount of transaction volume.
Related Reading |  Brian Armstrong: 2019 Will be a Great Year for Crypto
Coinbase ranked the lowest by transaction volume out of the four exchanges with over 100,000 daily active users. Each user contributes only $189 in transaction volume, compared to $2,137 per user on Binance.
With cryptocurrency exchanges like Coinbase and Binance generating revenue from fees, which are typically a set percentage of the transaction value, it’s not a surprise to see Coinbase exploring ways to better monetize their large volume of active users.
If Coinbase moved forward with a subscription model, it would allow the firm to charge a set fee to use their services, regardless of transaction volume and value. But again, many ideas mentioned in user surveys don’t end up coming to fruition, so only time will tell if the firm’s executives are satisfied with the feedback and decides to roll out a subscription model.
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Major Crypto Exchange Huobi To Cut Staff, Will Other Startups Follow Suit?

For much of 2018, crypto startups seemed invincible. As Bitcoin (BTC) collapsed, falling to new multi-month lows each and every month, this industry’s participants barely flinched. Yet, as 2018 has come to a head, a number of industry heavyweights have ostensibly fallen victim to financial shortcomings, dropping the guise of fortitude in a hot second, so to speak. Bitmain and Huobi, both juggernauts in this nascent industry, are the most recent firms to have succumbed to the bear market blues.
Crypto Giant Huobi To “Optimize Staffing”
Many in America may not realize it, but Huobi has been partying with crypto juggernauts for years now. The startup, headquartered in Singapore, reportedly houses over 1,000 employees, which is more than four times more than Binance’s staffer count. Huobi even created a Communist Party committee, a first for any crypto- or blockchain-centric company, as reported by NewsBTC. However, the startup’s status as the third largest crypto exchange hasn’t stopped it from falling victim to 2018’s Bitcoin plunge, and the fallout that resulted from the chaotic market.
The South China Morning Post recently reported that not only is Bitmain laying off staffers, but so is Huobi. Citing a company spokeswoman, the outlet claimed that Huobi is “optimizing staffing.” Other than the fact that the firm intends to cut its worst-performing employees, not much has been publicly divulged about this effort. Yet, Dovey Wan, the founding partner at Primitive and a crypto diehard, recently broke down this industry happening in a post-mortem Twitter thread.

Overexpansion is a common problem in bubbleish cycle. Comparing with its competitors, Bitmain’s 3000 ppl army before the layoff is very clumsy, 80% of their personnel were hired in 2018.
Another weight loss exercise is coming up for another big firm – Huobi. Details pic.twitter.com/z3kbogMvdt
— Dovey Wan (@DoveyWan) December 27, 2018

Wan, a leading industry commentator, first established that Huobi is a household name in Asia’s cryptosphere, adding that its growth was “off the charts in 2017,” especially as it forayed into the mining and infrastructure sub-sectors.  She explained that its expansion efforts, coupled with its leading customer support team for “VIP customers,” catalyzed a parabolic explosion in Huobi’s staff count. Likely citing insider sources, the Singapore-based crypto entrepreneur noted that Huobi hired 1,500 at its peak, up five times from the original 300.
Yet, as explained earlier, the multi-faceted startup has begun to slow down its operations, cutting staff. The Primitive partner noted that to choose who to fire, Huobi created an “exam,” which is purportedly composed of 2,000 questions about the crypto industry and the firm’s business strategies and offerings. Those who scored the lowest were more likely to get cut. Although Wan wasn’t able to divulge the extent of Huobi’s layoff, she noted that it was a “high % headcount cut,” likely near or on par with Bitmain’s purported purge of ~50% of its 2,000+ staffers.
Interestingly, not three months ago, the Asia-centric platform announced an ambitious expansion plan. As reported by NewsBTC previously, Huobi launched a regional subsidiary dubbed Mena, which has set up shop in the desert oasis city of Dubai. It was explained that Mena has intentions to become Huobi’s hub for retail and institutional expansions into the Middle East, Africa, and much of Southern Asia. And just two weeks prior to this announcement, the startup was revealed to have moved one step closer to launching its own blockchain.
For now, however, it remains to be seen whether Huobi will be pushing ahead with its initiatives, which will put the company on the map across the globe, not just in Asia.
Not The First Case, Nor The Last
Although it seems nearly every crypto startup has announced cuts, including a 15-man layoff at the $8 billion powerhouse that is Coinbase, some fear that this is only the beginning. Wan referred these fears herself when she wrote that “we will see more [layoffs] coming up into 2019, especially after the holiday when the employment/HR cycle kicks in.” This is, of course, in reference to the fact that purging staff in the holiday season is taboo, and shouldn’t be done out of etiquette and human decency.
Related Reading: Crypto Jobs Get Squeezed as Markets Continue to Free-fall
Regardless, the bottom line is that if cryptocurrencies continue to not undergo a notable recovery, the startups running this ecosystem will likely continue to reel in bear market-induced pains. And if sufficient financial runways aren’t established, even this industry’s leading startups will begin to show overt signs of distress, as made apparent by Bitmain’s and ConsenSys‘ cases.
Featured Image from Shutterstock
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Huobi Set to Axe Part of Its Staff Amid Extended Bear Market

CoinSpeaker

Huobi Set to Axe Part of Its Staff Amid Extended Bear Market

Following the recent news about Bitmain and ConsenSys, another cryptocurrency giant, Huobi, has announced its plans for reducing the company’s staff.

Huobi Set to Axe Part of Its Staff Amid Extended Bear Market

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Source: CoinSpeaker

EOS Contract Joins Bitcoin and Ethereum on Huobi Derivative Market

CoinSpeaker

EOS Contract Joins Bitcoin and Ethereum on Huobi Derivative Market

Crypto derivatives trading platform Huobi DM has revealed its plans to add support for EOS, the world’s fifth largest cryptocurrency by market cap.

EOS Contract Joins Bitcoin and Ethereum on Huobi Derivative Market

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Source: CoinSpeaker