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Bithumb Crypto Exchange To Reduce 50% Of Employees

20:51 19/03/2019
South Korean Crypto Exchange Bithumb To Fire Half Of Staff

Bithumb, the South Korean leading trading platform, has announced a 50% staff reduction, Cointelegraph reports with reference to CoinDesk Korea.


An anonymous representative of the exchange stated that the company would dismiss about 150 people out of 310 employees in March 2019. The staff reduction plan assumes support for the dismissed employees in training.


Voluntary dismissal is part of the Bithumb's program on the continued support of former employees. The program involves the provision of assistance and training to people for further employment and work in other enterprises. The main reason for the dismissal of personnel was the decline in Bithumb's trading volume. The crypto exchange has not yet commented on its actions officially.


According to CoinMarketCap, Bithumb was second by daily trading volume of $1.2 billion on March 19, at 09:00 (UTC). In January 2019, CoinMarketCap had to exclude Bithumb from its rating due to a strong price divergence with other crypto exchanges in the world and South Korea.


The Bithumb trading platform became one of many other companies working in the crypto sphere that cut their staff, including the Bitmain mining company, ConsenSys, a software developer for blockchain platforms, and the Huobi crypto exchange.


In January 2019, Bithumb announced plans to become a public company in the United States, and in February, to launch a licensed subsidiary in the United Arab Emirates.

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