HUOBI ANNOUNCED PLANS TO RELEASE ITS OWN STABLECOIN

Cryptocurrency exchange Huobi plans to release its own stablecoin this year as part of its roadmap. During the presentation in Singapore, commercial Director Chris Lee also announced plans to update the trading platform and continue global expansion.

Last October, Huobi significantly expanded the list of stablecoins supported by its platform and launched a solution called HUSD, which allows users to exchange between four of them.

In addition, today the portal South China Morning Post reported that CEO of Huobi Livio Weng confirmed the information about the reduction of the company’s staff.

“We don’t know how long the bear market will remain, so we assume that we will have to fight for existence. We carry out planning in advance and approach spending money wisely,” he said, adding that his company limits the financing of non – profitable units.

In recent weeks, Huobi has reduced a total of about 100 positions and currently has about 1,300 employees worldwide.

At the same time, according to Weng, Huobi remains profitable for each individual month.

Recently, the blockchain cryptocurrency wallet announced its intention to integrate one of the existing stablecoins into its platform.