Korean Crypto Exchanges Go on Hiring Spree, Stealing Workers From Banks

Korean Crypto Exchanges Go on Hiring Spree, Stealing Workers From Banks

Major South Korean exchanges are on a hiring spree. The demand for cryptocurrencies and the government’s mandate for stronger security systems are driving the need for additional manpower at crypto exchanges. Their attractive employment benefits and flexible work environment are pulling workers from traditional banks and financial companies.

Also read: Russian Regulators Draft Law to Restrict Crypto Mining, Payments, and Token Sales

Major Korean Exchanges Are Hiring

Korean Crypto Exchanges Go on Hiring Spree, Stealing Workers From BanksSouth Korea’s largest cryptocurrency exchanges have announced that they will be hiring new staff. This announcement came amid the Korean government tightening regulations for cryptocurrencies.

Bithumb, which already has 450 employees, said it will hire 400 additional full-time staff. 300 of them will be at the company’s customer centers while 100 will be at its headquarters, Money Today reported. CEO Jeon Soo-yong was quoted by Chosun, “We decided to hire many workers to help create more jobs for young people and expand our operations.” The publication elaborated:

A hundred of the new workers will handle IT, overseas marketing and legal affairs at the headquarters, while the rest [300 employees] will man the call centers.

Korean Crypto Exchanges Go on Hiring Spree, Stealing Workers From BanksRival Upbit, backed by Kakao Corporation, currently employs about 100 people. The company plans to hire more than 100 new employees this year. Korbit will also increase personnel from about 60 to more than 100, Money Today detailed.

The accelerated growth rate of the Korean cryptocurrency market is driving demand for manpower. In addition, the demand for experienced IT personnel spiked at crypto exchanges due to a recent government order for “the establishment of a security and trading system at virtual currency exchanges with a level equal to that of financial institutions,” the publication described.

More Attractive Work Environment Than Banks

Korean Crypto Exchanges Go on Hiring Spree, Stealing Workers From BanksThe crypto market is “absorbing existing financial resources from [traditional] banks and brokerage firms” as it grows, the news outlet explained. “Existing banking personnel have applied for recruitment at major virtual currency exchanges such as Bithumb, Coinone, Korbit, and Upbit.”

Unlike traditional financial companies, workers have more freedom and flexibility, the work atmosphere is informal, and workers can leave early some days, the publication noted. Employment benefits at crypto exchanges also rival those of major conglomerates, Chosun conveyed, adding that, at Bithumb:

Workers get overtime pay, stock options and incentive payments as well as transportation expenses, food stipends, unlimited book purchase credits, fitness club memberships and even oriental medicine treatments and massages.

What do you think of Korean crypto exchanges going on a hiring spree and pulling workers from banks? Let us know in the comments section below.


Images courtesy of Shutterstock, Bithumb, and Upbit.


Need to calculate your bitcoin holdings? Check our tools section.