The downsizing wave that swept through the cryptocurrency industry is still on track as Seychelles-based cryptocurrency exchange, Huobi, has disclosed its plans to prune down its workforce by 20%.

Meanwhile, Genesis Trading on Thursday announced its second round of job cuts in less than six months. Sources put the figure of affected workers at about 30%. 

Similarly, crypto-focused bank, Silvergate Capital Corp, also announced a plan to reduce its headcount by 40%. These job cuts come as crypto exchanges search for seeks to ensure its survival in the face of dwindling investor confidence in crypto markets.

In early December, Bybit also disclosed plans to further reduce its workforce, with confirmed sources putting the figure at about 30%.