Bitcoin Exchange Bithumb Announces 50% Layoffs
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.
A company spokesperson claimed that most of the employees being let go had already wanted to leave.
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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.