The largest cryptocurrency exchange in South Korea, Bithumb is planning to lay off 50% of its staffing levels. A move that will reduce its number of employees from 310 to around 150, as per the report issued by CoinDesk Korea on Monday.
When Coindesk contacted the exchange, an official confirmed the published report and stated that those departing will mostly be employees who already want to leave the company. The Bithumb official elaborated:
“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.”
Slashing their staff has somehow become a common phenomenon across the cryptocurrency companies majorly attributed to the prolonged crypto winter. Earlier this month, the company behind cryptocurrency project Dash announced that it’s reducing its staffing levels due to a cost-cutting effort brought on by the slow cryptocurrency market.
Image source – Bitcoinist.