By George Ward
Huobi, one of the world’s largest cryptocurrency exchanges, is reportedly forcing its employees to accept payments in digital currencies. According to reports, the exchange mandates its personnel to receive their salaries in digital currencies such as USDT/USDC instead of fiat currency.
The source also claimed that the staff might face layoff if they decided against the new development. However, the HR department speaks in the same voice as the aggrieved employees.
Employees have expressed dissatisfaction with the company’s implementation of cryptocurrency salary payment, questioning the necessity of the decision.
Could Huobi Be Planning Layoffs?
At the end of December 2022, news surfaced that Huobi Exchange may be planning a substantial number of layoffs, which could cut the company’s workforce to about half the 1200 employees currently employed.
Reports also indicated revoked year-end bonuses and reduced senior employees’ salary remuneration. On December 29th, Justin Sun tweeted a different message from the rumors of layoffs, saying he would add more employees, emphasizing diversity instead.
He further pointed out the importance of a balanced and fair workplace by increasing the number of female employees. The news is a surprise, considering that Huobi has been one of the most vocal proponents of the cryptocurrency industry.
It is rare for companies to offer their staff members the option of receiving payments in digital currencies. This action contrasts the common practice of providing employees with incentives in stock options or other equity-based payments.
By embracing digital currencies, companies can allow their staff to participate in the digital economy and benefit from the potential of digital assets. By having its employees accept digital payments, Huobi Exchange may force them to become more familiar with the digital currency space, which could further its mission of driving cryptocurrency adoption.
Moreover, Huobi is encouraging its employees to become more comfortable with the cryptocurrency industry by accepting digital payments. This step could help the company attract and retain more talent, as more employees will now understand the sector, which continues to grow in leaps and bounds daily.
The move by Huobi is likely a positive one, as it shows the company’s seriousness about promoting digital currencies. Whether or not other companies will follow suit remains to be seen.
Still, it could mark the beginning of a trend that sees more companies encouraging their employees to accept payments in digital currencies. It could be a significant step forward in the broader adoption of the cryptocurrency industry.