The Korean Crypto Exchange Bithumb will lay off 50% of its staff!

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The Korean Crypto Exchange Bithumb will lay off 50% of its staff

The Korean Crypto Exchange Bithumb will lay off 50% of its staff!

Bithumb, the largest exchange of cryptocurrencies in South Korea in transaction volume, has announced a reduction of nearly 50% of its staff.
This was reported by local media, Coindesk Korea, in a publication of Monday, March 18, 2019.

According to the publication, the measure will change numbers from 310 to 150 employees in March 2019.
A company official confirmed the 50% staff reduction, adding that he expected the people involved to be employees who already want to leave the company.

“Voluntary retirement is part of our support program for former employees and aims to provide assistance and training for placement.
Apart from this, the volume of Bithumb’s operations has decreased compared to the previous year, so we are trying to find internal measures.
We will continue to add the necessary staff to several new companies.”

The decision to reduce staff is made as a result of similar measures taken by other companies in the cryptocurrency market.
As already announced, companies such as Shapeshift or First Digital Assets Group in Israel have recently announced a series of layoffs due to the fall in Bitcoin prices last year.


An industry official pointed out that commodity exchange is the main source of revenue for the company and that since last year there have been many cryptocurrency exchanges.
This is due to the decrease in the volume of transactions due to the reduction of prices, which “constitutes a heavy burden”.

Similarly, last year, the Ethereum developer team, ConsenSys, also announced that the projects to be funded should seek funding or begin to implement measures similar to those mentioned above in order to continue its activities.

The Crypto Bear Market is hard for many companies who must therefore lay off in order to survive.

It’s also the role of a bear market, eliminating companies that are not strong enough to stay in the market.
The crypto exchanges are the first affected because the majority of people who invested during the bull run of 2017 are no longer there.

All crypto players are waiting for the return of a bullish crypto market and the return of the bulls in order to retrieve positive financial income.
Most coins have lost 90% of their value, funds raised in Ether during the ICO’s are not worth much anymore so, many projects and cryptos exchanges are struggling to survive!