Bithumb, one of Korea's largest cryptocurrency exchange by volume, announced that it plans to reduce its staff by up to 50%, from 310 to around 150, CoinDesk reports. This news comes after a string of layoffs by other cryptocurrency companies including Dash and ConsenSys.
“Voluntary retirement is part of our support program for former employees and is intended to provide assistance and training for job placement,” a Bithumb official tells CoinDesk. “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."