(BTC) Bitcoin News TodayCryptocurrencyLatam (Latin America)News

Argentina-Based Cryptocurrency Exchange Lemon Cash Fires 100 Employees

Lemon Cash, a cryptocurrency exchange with operations in Brazil and Argentina, made a significant move by laying off 38% of its workforce, totaling about 100 employees. 

The reason for this action is the current hostile environment that permeates the industry. A Lemon Cash statement read that there is no solution in sight for a revival of the sector.

Unfavorable market conditions continue to hammer heavily on the Latin American (Latam) cryptocurrency sector. This adverse condition has forced crypto organizations in that region to lay off a good number of their workforce. 

Lemon Cash is the latest Latam-based crypto exchange to join the list. Marcelo Cavazzoli, the company’s chief executive, released an official statement regarding the layoff. 

In the statement, Cavazzoli expresses his sadness at the layoff announcement. But he also reiterated that the job losses are due to the market’s unfavorable nature.

Dismissals By Crypto Exchange Comes After FTX Collapse

The FTX collapse is still rampaging the crypto industry globally. Lemon’s determination to sack this number of its workforce was also partly influenced by the recent fall of the FTX crypto exchange. 

📰 Also read:  Here's Why Uncovering Satoshi Nakamoto Could Trigger a Bitcoin Market Collapse

This FTX implosion continues to shake the crypto market heavily. Major cryptocurrencies, especially Bitcoin, recorded huge losses following the FTX crash. 

As a result, the fall has propagated worries concerning the integrity of the crypto industry as a whole. Cavazzoli added that VC investments in crypto startups are going through a recession, and Lemon’s observation shows that this trend has existed for a while. 

The CEO further said it’s noteworthy that it’s not only Latam that is experiencing a crypto market downturn. It is a global phenomenon.

The number of job cuts at this exchange is the highest across Latam states. Comparing the number of employees Lemon Cash fired with the vacancies other crypto companies in that region want to fill proves this fact.

Lemon Cash Halts Expansion Plans 

Before the job cut, Lemon planned to expand its operations to Chile, Colombia, Uruguay, Peru, and Ecuador by the end of this year. However, the company will likely have to abandon this plan.

Lemon Cash is not the first cryptocurrency exchange to sack its employees. Buenbit, an Argentine cryptocurrency exchange, recently reduced its workforce by almost half, leaving only 80 workers. 

📰 Also read:  Gold and Bitcoin Both Win if Donald Trump Defeats Kamala Harris, Says JP Morgan

However, a recent Coingecko study found that only 4% of all tech layoffs are related to the cryptocurrency industry.


Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

📰 Also read:  Chris Larsen’s $10M Kamala Harris Donation Addressed by Ripple’s Garlinghouse

Bradley Nelson

Bradley Nelson is a US based cryptocurrency news writer for Tokenhell, he helps readers stay up to date with the latest trends and news from the blockchain and crypto world. Bradley has been a crypto enthusiast since 2018.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Skip to content