Bithumb, a South Korean cryptocurrency exchange, plans to reduce its staff by 50%, bringing the number of employees down to around 150 from the 310 it had at the beginning of March. The company stated that most of the departures will be voluntary retirements, which is part of Bithumb's program to provide help and training for former employees in finding new employment. This move comes as Bithumb's trading volume has declined compared to last year, prompting the exchange to implement internal measures. Despite the staff reduction, Bithumb will continue to recruit talent for various new business initiatives.摘要：除此之外，Bithumb的交易量与去年相比有所下降，因此该交易所正试图提供内部措施。除了低手续费与上优良币种之外，Bithumb在18年3月推出了加密币与实体店联盟的服务。根据TheTie的一份报告，超过86％的比特币交易量是可疑的，而75％的交易所报告了非常可疑的交易量。...
Established in 2014, Bithumb initially attracted a large user base with its low fees ranging from 0.01% to 0.075% at the time of listing. This enabled the exchange to continuously add new and high-quality digital assets, often with corresponding promotional activities. Additionally, Bithumb introduced a service in March 2018 that allowed for cryptocurrency payments at over 6,000 physical stores through a partnership program. These activities helped Bithumb rise to the forefront of the industry, at one point claiming a significant share of the global market.
However, concerns have been raised about the authenticity of the reported trading volumes of exchanges. According to a report by TheTie, more than 86% of reported Bitcoin trading volume is considered suspicious, with 75% of exchanges reporting highly questionable volumes. For example, the average value of user visits on Bithumb is estimated to align with a monthly trading volume of around $1.2 billion, yet Bithumb reported a volume of over $28 billion, which is nearly 2,000% higher than expected.
The decision to downsize the staff may be seen as an indication that the reported trading volume does not reflect the actual performance of the exchange, and that market pressures have forced Bithumb to make adjustments. Nevertheless, the exchange continues to pursue new business initiatives and international expansion to enhance its influence.
In February, Bithumb launched the Ortus digital asset over-the-counter trading platform, catering to institutional clients with bulk trading and pairing services. Bithumb also announced a business agreement with UAE-based N-VELOP to establish a cryptocurrency exchange in the United Arab Emirates, with plans to expand its influence to oil-producing countries such as Saudi Arabia and Bahrain.
Similar workforce reduction notices have been reported in other cryptocurrency companies due to the prolonged bear market. Cryptocurrency firms such as Bitmain, Hosho, Korbit, Nebulas, Dash, and ConsenSys have all announced staff reductions or restructuring efforts in response to the "cryptocurrency winter."
In conclusion, the cryptocurrency industry is experiencing significant challenges, leading to adjustments in staffing and business strategies for many companies. Despite the difficulties, Bithumb and other firms are actively seeking new opportunities and markets to strengthen their positions in the evolving cryptocurrency landscape.
