Crypto Exchange Bithumb downsizing by 50%
- Bithumb’s number of employees will reduce from 310 at the start of March to around 150.
- Bithumb joins several other cryptocurrency companies in being forced to downsize as a result of the decline in the value of the crypto market over the last year.
South Korea’s largest cryptocurrency exchange, Bithumb, announced that they are reducing their staff by 50%. This move will reduce its number of employees from 310 at the start of March to around 150. Bithumb has developed a company-sponsored program to help former employees. The program will help the employees by providing support and training to find new work.
A Bithumb official said:
“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.”
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
