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  • 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.”