Bitcoin Exchange Bithumb Announces 50% Layoffs

Conor Maloney
Bithumb is laying off half its workforce. Could it be their volume isn't all it's cracked up to be?

South Korea’s largest Bitcoin exchange, Bithumb, has announced layoffs of 50%, the latest casualty of “crypto winter.” B

A report in Korean media issued earlier today shows that the exchange will be cutting its staff from 310 to around 150. The exchange is currently ranked at no #2 in trading volume in the world by Coinmarketcap and has a 24/h volume of over $1.5 billion.

“Voluntary Retirement”

A company spokesperson claimed that most of the employees being let go had already wanted to leave.

Voluntary retirement is part of our support program for former employees and is intended to provide assistance and training for job placement.

Apart from that, [Bithumb’s] trading volume has decreased compared to the previous year, [so] we are trying to provide internal measures. We will continue to add necessary personnel for various new businesses.

Decreased trading volume and a corresponding lack of fee revenue are the cause of the layoffs, an all-too-familiar sight in the cryptocurrency industry of late.

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