South Korea's Biggest Exchange Bithumb Will Slash Half of Its Staff as Bear Market Blues Strike Again

    The crypto winter continues to make victims. Unfortunately, the next victims are the employees of Bithumb, the largest cryptocurrency exchange in South Korea. Coindesk Korea has recently reported that the affirmed that it would cut the number of employees from the current 310 to around 150 soon. If this is confirmed, half of the team would be fired.

    Bithumb has started a voluntary retirement program which will assist the people leaving the company and train them for job placement.

    The official announcement of the company affirms that the reason for the layoffs is that the trading volume has decreased a lot since last year. This has caused the revenue of the company to go down, as it comes from trading fees, and the need for laying off some staff has appeared.

    Several Blockchain Companies Have Laid Off Staff

    Not only Bithumb has been facing problems in this front. In fact, companies like ConsenSys and Steemit also fired a lot of people. In the case of Steemit, 70% of the staff was fired because the revenue of the company dropped very fast last year as the crypto market plummetted after November 2018.

    At least, in this case, Bithumb seems to be offering some support for the employees which will leave the company. Worst cases have happened. Most companies only fired their employees and ConsenSys actually sent an email to its employees announcing the layoffs on a Friday night (before naming who would leave the company).

    Another company that has recently decided to cut some of its staff was the team behind Dash, which is having costs that are too high for the crypto bear market. Auditing company Hosho has already cut off 80% of its staff, too.

    It looks like the crypto industry will have to live with these problems for a while now. Only when the market reignites again these companies will finally be able to start hiring.

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    Gabriel Machado
    Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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