Firecoin holds 2023 Q1 review livestream: added 1.3 million new users and has achieved significant turnaround from losses
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Firecoin holds 2023 Q1 review livestream: added 1.3 million new users and has achieved significant turnaround from losses
On April 4, Huobi held the live-streamed Group's First Quarter Review and Recap meeting with the theme "Carry the Fire in Your Heart, the Road Lies Ahead."
Navigating Web3 tides with focused insightsOn April 4, Huobi held a live-streamed review meeting for the first quarter titled "A Fire in the Heart, Roads Toward the Horizon." Sun Yuchen, global advisory board member of Huobi, attended the event and shared insights on recent work progress as well as Huobi's development plans for Q2. He noted that Huobi added 1.3 million new users in the first quarter of 2023 and has achieved a significant turnaround from losses.
Looking back at Q1, Huobi faced a complex external environment, including Federal Reserve interest rate hikes, tightening macro-regulation in the crypto market, and FUD (fear, uncertainty, doubt) generated by Twitter’s loose content moderation policies. Sun Yuchen analyzed that while FUD had some impact on customer confidence, it was false, superficial, and temporary. In contrast, FUD has long-term positive implications for Huobi’s macro strategic development. The reason is that onshore exchanges continue to face increasing pressure, leading to a sustained shift of market share toward offshore exchanges—generating real and lasting business growth.
Huobi’s latest operational data shows substantial improvements in revenue and profitability during Q1. On the revenue front, thanks to significant cost reductions and optimization efforts, Huobi turned around its losses, with Q1 revenue remaining roughly flat compared to Q4 of last year. In terms of user growth, Huobi added 1.3 million new users in Q1, representing a 21% increase quarter-over-quarter from Q4 2022. Regarding staffing, at the end of 2022, Huobi made a decision to optimize part of its workforce due to prudent financial management and business adjustments, planning a reduction of approximately 20%. As of now, Huobi still has around 1,100 employees. On exchange ecosystem development, the integration of Poloniex has complemented Huobi’s offerings, forming a tiered development system similar to China’s stock market structure of “Main Board, Growth Enterprise Market, and New Third Board.”
Sun Yuchen stated that Huobi’s financial situation has been fundamentally brought under control. After two quarters of hard work, the company has largely emerged from past financial difficulties. Barring any major black swan events, Huobi expects to reach a state of minor loss in Q2, with prospects of turning profitable, and will definitely achieve profitability in Q3.
For the upcoming Q2, Huobi announced it will focus on the following key areas:
1. Deepen and expand operations in the Commonwealth of Dominica, using the Dominica metaverse initiative as a foundation to gradually extend into other markets, creating a new metaverse ecosystem;
2. Continue driving internal organizational upgrades, further enhancing efficiency, unlocking internal potential, and building an outstanding team capable of aggressive and resilient execution;
3. Focus on developments in the AI field, promoting the adoption of generative AI tools like ChatGPT across business lines and departments to better reduce costs and improve efficiency.
Sun Yuchen emphasized that Huobi has now established a clear offshore financial strategy centered on the Dominica metaverse vision, with three core pillars—exchange, public blockchain, and stablecoin—advancing in parallel, increasingly demonstrating long-term sustainability.
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