Argentine Crypto Exchange Lemon Cash Sacks 100 Staff As Bear Market Bites

Lemon Cash, a crypto exchange with operations in Argentina and Brazil, has rendered 38% of its workforce jobless, on Friday. One hundred employees were laid off as a result of the adverse industry environment and the lack of a clear turnaround outlook in the venture capital sector, as cited by Lemon Cash. Get 30 FREE SPINS at Punt Casino – NO DEPOSIT REQUIRED! Start Playing Now.

5 BTC + 300 Free Spins for new players & 15 BTC + 35. 000 Free Spins every month, only at mBitcasino. Play Now! The Latin American crypto landscape continues to be buffeted by adverse market conditions, forcing crypto firms such as Lemon Cash to give the pink slip to a substantial number of employees.

The CEO of Lemon Cash , Marcelo Cavazzoli, announced the layoff in a Medium article titled “Open Letter to the Community. ” In the letter, Cavazzoli expressed his sadness and mentioned the “challenging international context” as the reason for the job loss. BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Related Reading: Bitcoin Miners Now Face Darkest Situation Since 2015 – Here’s Why Crypto Exchange Terminations Come Following FTX Collapse The decision by Lemon to sack this number of employees follows the recent collapse of crypto exchange FTX , which shook the markets.

Major cryptocurrencies, particularly Bitcoin, experienced the brunt of the FTX crash, which propagated worries about the crypto’s overall integrity. According to Cavazzoli, the startup investment sector is experiencing a “recessionary era,” and Lemon is aware that this trend will persist for some time. Image: Criptotendencias “There is an international context of which we are a part and to which we have to adapt,” the CEO pointed out.

It is important to note that Latin America is not the only region witnessing a decline in the crypto market; this predicament is a worldwide issue that has persisted throughout the entire year – even before the FTX disaster. It appears that Lemon Cash’s layoffs are by far the largest in the Latin American region. This is determined by comparing the number of employees it decided to let go to the number of positions that other crypto companies in the region decided to fill.

Lemon Cash Expansion Plans On Hold As a result, Lemon is compelled to shelve expansion plans for Colombia, Ecuador, Chile, Uruguay, and Peru by the end of 2022. Meanwhile, Lemon Cash is not the first cryptocurrency exchange to reduce its workforce. Another Argentine crypto exchange, Buenbit, cut nearly half of its personnel, rendering 80 employees.

Coinbase reportedly slashed approximately a thousand employees in May of this year. Last month, 40% of the staff of the Indian Exchange WazirX were given the door. According to a November 14 analysis by CoinGecko , crypto layoffs account for only 4% of all tech layoffs.

Tech titans such as Meta and Twitter have eliminated additional positions. Related Reading: Argentine Crypto Exchange Lemon Cash Sacks 100 Staff As Bear Market Bites Crypto total market cap at $797 billion on the weekend chart | Featured image from Imgflip, Chart: TradingView. com Share Tweet Share Share Sign Up for Our Newsletter! For updates and exclusive offers enter your email.

Sign Up I consent to my submitted data being collected and stored. Leave this field empty if you’re human: Christian Encila Freelance writing is Christian’s other cup of tea. When not on his computer, he unwinds with a cold bottle of beer and laughs with his son over cartoons.

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