One of the most popular cryptocurrency platforms in Argentina – Lemon Cash – has laid off 38% of its entire workforce to get through the current difficult times.
CEO Marcelo Cavazoli assured that the layoffs were unrelated to FTX’s recent collapse and thanked his team for their hard work over the years.
The next victim
In a recent “Open Letter to the Community,” Cavazoli announced that Lemon Cash has reduced its workforce by around 100 employees, representing 38% of the workforce:
“Today I have sad news to share with you that no entrepreneur wants to share. I decided to downsize our team by 38%.”
While the executive feels “great pain” at making this decision, it could ensure Lemon Cash’s mission in the long run. The company has no capital expenditures planned for the next few months and the layoffs appear to be the only way to minimize costs in the current unfavorable macroeconomic reality.
“This is the right decision to make the company sustainable,” added Cavazoli.
The CEO further noted that the personnel changes were not due to FTX’s collapse. However, he disclosed that the distressed exchange had invested in Lemon Cash in the past, while the latter had a “tiny” exposure to Alameda Research.
The Argentine company does not hope to recoup this allocation and assures that it will not affect its more than one million customers.
Cavazolli then expressed his gratitude to his team and vowed to keep up the hard work so Lemon Cash can maintain its position in the region:
“I will forever be grateful to the team that has accompanied us on this mission. I assure you that I will work every day to make it a reality.”
The wave of layoffs
The crypto winter has triggered a wave of layoffs across the industry, with numerous exchanges already taking such action.
Gemini — a US-based trading venue led by billionaire twins Cameron and Tyler Winklevoss — fired 10% of its team in June and another 7% in July.
One of the giants in this space — Coinbase — mined 18% this summer. CEO Brian Armstrong argued that the global economy appears to be entering a recession after a decade of economic boom, so such changes are essential to the company’s survival.
CryptoCom, Bybit, Huobi, BitMEX, BlockchainCom and many others also made the list.
Source: Crypto News Deutsch