Huobi, a cryptocurrency exchange based in Singapore, has announced that it will be reducing its staff by about 20%.

This follows reports of potential layoffs, and a story from journalist Colin Wu which stated that the exchange had begun paying salaries in digital currencies rather than in fiat.

Huobi was taken over by About Capital Management’s M&A fund in October, and Justin Sun, the founder of Tron, was appointed as an adviser to the exchange.

The spokesperson for Huobi stated that the platform is currently gaining 390,000 new users each month and that it is in the midst of a worldwide expansion.

They also said that the personnel optimization is meant to implement the brand strategy, optimize the structure, increase efficiency, and return to the top three.