Leading S. Korean Exchange, Bithumb is Cutting 50% of Staff
The bear market has been taking a large toll on the crypto industry, with many companies announcing layoffs. This includes the exchange Shapeshift which laid off 37 staff members in an announcement and the mining company Bitmain which laid off 3000 employees globally. It seems that many in the cryptocurrency space were not prepared for the length and severity of the crypto-winter.
The South Korean exchange Bithumb seems to be the next affected by the price drop of cryptocurrencies. The exchange is South Korea's most popular with a trading volume of $1,221,262,981 USD. According to a report from CoinDesk Korea, an unnamed official confirmed that it is expected to reduce staff by 50%. This will reduce the number of employees from 310 to 150 in what they refer to as "voluntary retirement". As per the report:
"Voluntary retirement is part of our support program for former employees and is intended to provide assistance and training for job placement," said the Bithumb official. "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."
What Lies Ahead?
Should these market conditions continue, we will likely see more reports such as this. Many crypto projects have run out of steam and the list of defunct tokens & coins on deadcoins.com keeps on growing. Mining groups and exchanges are also consistently reducing staff.
Optimists can see this as a sort of "weeding out the weak" with only the essential remaining. Although even optimists hope for crypto-spring to arrive.
*Please note that quotes in the article have been translated from Korean.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado