Bithumb becomes the new victim of 'crypto winter' as the South Korean crypto exchange made the decision to remove more than 150 employees from the company.
South Korea’s largest cryptocurrency exchange Bithumb will reduce its staff from 310 employees to only 150 as the crypto market continues to decline, according to a report.
A Bithumb official said a number of employees affected by the layoff had opted for a voluntary retirement. On top of that, however, the slow market movements played a major role in the decision:
“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.”
Bithumb, which has 32 trading pairs and is among the exchanges with the largest trading volume, follows the footsteps of other companies and projects in the crypto market like Nebulas, Hosho, and the team behind Dash.
Earlier, the crypto mining industry collapsed, even pushing companies to shut down operations.