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.
A company spokesperson claimed that most of the employees being let go had already wanted to leave.
Big news. Bithumb is currently 3rd biggest wallet holder in #EOS mainnet, after B1 and Binance. It just began to receive applications for voluntary resignation to downsize itself into half. From 310 employees to 150. Massive. https://t.co/oCQZVpvfPv pic.twitter.com/2uAI05isMs
— EOS Node One (@eosnodeone) March 18, 2019
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.