The largest cryptocurrency and digital asset exchange in South Korea, Bithumb plans to lower its staffing levels by about fifty percent, per a CoinDesk Korea report issued Monday. This move would reduce its variety of employees from 310 at the start of March to about 150.
When reached by the crypto media outlet, a state at the company confirmed the A half-hour figure. It has been further mentioned from the reply not wearing running shoes expects those departing will quite often be employees who already desire to leave the business enterprise.
Bithumb official testified that voluntary retirement belongs to their support program for former employees and it’s intended to provide assistance and practicing for job placement. Alters are also mentioned that besides these very, Bithumb’s trading volume has decreased versus the preceding year, so they are trying to provide internal measures. Based on him, they will likely continue to add necessary personnel for a variety of new businesses.
It is planned to be noted which the move by Bithumb happens the heels of similar decisions by other blockchain and digital asset companies that have been expected to act in response towards ongoing reject in the valuation on the market although in the past.
Furthermore, the company behind crypto project Dash mentioned latest research by that it’s also decreasing its staffing levels at a cost-cutting effort as a result of the “crypto winter.” Likewise, since the beginning of this year, smart contract auditing firm Hosho has mentioned it’s shedding eighty percent of staff, and blockchain project Nebulas already has trimmed down numbers by 60 %.
Adding to the speculations through the crypto market, Ethereum studio Consensys also declared earlier that projects under its umbrella find financing or also face cut-backs.