South Korean Exchange Halves Workforce


As the cryptocurrency King, Bitcoin, has moved steadily down from highs around $20,000 a year ago, we’ve seen crypto-related companies respond by laying off workers, shuttering offices and tightening the belt in general.

Today, there’s new reporting on a South Korean exchange called Bithumb, where reporters are alleging that the company is planning to lay off enough people to cut its current workforce of around 300 in half.

Aditya Worah at Cryptoground, in coverage of this austerity move, provides the disclaimer that according to company spokespersons, this number includes those involved in voluntary retirement.

“Voluntary retirement is part of our support program for former employees and is intended to provide assistance and training for job placement,” Worah quotes a spokesperson as saying. “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.”

The news around Bithumb shows where the country is going in terms of cryptocurrency and how private parties are moving related to the general outlook on cryptocurrency value and function.

As we previously reported, the South Korean parties are looking at the U.S. regulators like the SEC as part of their analysis of how to deal with cryptocurrency regulation.

With that in mind, it seems accurate to refer to South Korean activity as cautious and to the activity of Bithumb as cautious in its own way. Proponents contend that many of these layoffs may be temporary as the sector itself continues to grow.

Two of those individuals are the Winklevoss twins, a duo that has garnered massive attention in the tech world, not just through their connections to Silicon Valley innovations, but through their enormous Bitcoin fortune.

“If you can’t handle price swings you probably shouldn’t be investing or starting a company,” said Cameron Winklevoss of the start-and-stop nature of the crypto world, according  to a recent article in The Block. “Start-ups feel like that too. We are good at dealing with that; that’s why we are in this game.”

If you’re in it for the long run like Tyler and Cameron, keep an eye on this site to see more of what’s going on in the coin world. Tell us your thoughts! What is Bitcoin value going to look like by year end???