Bitso, one of the largest cryptocurrency exchanges in LATAM, has announced a series of layoffs due to the recent slump in the cryptocurrency market. The exchange, which has a workforce of 800 employees, has decided to lay off more than 10% of its workforce, citing a change in long-term strategy for the company when it announced its expansion in Colombia.
Crypto exchange Bitso lays off more than 10% of its workforce
Bitso, one of the first cryptocurrency unicorns in LATAM, has announced that it is taking measures to keep the company operating during the current market downturn. The Mexico-based exchange announced a series of layoffs that will affect its presence in the 35 countries where it operates. According to local media, the exchange will lay off 80 of its 600 employees, with most of the layoffs in Mexico.
Regarding these layoffs, which cut the workforce for the company by more than 10%, Bitso announced:
Our decisions about the people who work for our company are made based on our long-term business strategy and to support our customers and our strategy as a company.
The exchange referred to the momentum of the cryptocurrency industry as a factor that forced it to rethink its capabilities and priorities to act swiftly.
truncation and expansion
The company, which recently announced its entry into the Colombian market, denied that the layoffs would have any impact on its expansion goals for the time being. Earlier this month, the company’s CEO for Colombia, Emilio Pardo, said that the market is uncertain at the moment, but the cryptocurrency market is already an established industry with set objectives.
Pardo declared that “if crypto had no relevance no one would talk about it. It’s here to stay and should be taken care of from regulatory and educational aspects. You can’t do anything with prices, but Warn what needs to be done.”
Bitso is not the only exchange in LATAM facing such difficulty. Buenobit, an Argentine exchange, has also announced changes to its recruitment and expansion strategy, revealing that it will lay off part of its workforce. Local sources announced that nearly half of the company’s employees, including some executives, had been fired. US-based crypto exchange, Coinbase has also revealed that it is slowing down its recruitment strategies during this market downturn.
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