As the bear market bites, Argentine cryptocurrency exchange Lemon Cash fires 100 employees.

Due to the persistently unfavorable market conditions, several employees of crypto companies like Lemon Cash have had to receive their pink slips in Latin America.

The layoff was announced by Marcelo Cavazzoli, the CEO of Lemon Cash, in a “Open Letter to the Community” blog on Medium.

Cavazzoli expressed his sorrow in the letter and cited the “difficult worldwide situation” as the cause of the loss of employment.

Terminations of Crypto Exchanges Follow the FTX Collapse
Lemon made the choice to fire this many workers in response to the recent market-shaking failure of the cryptocurrency exchange FTX.

The FTX meltdown had a significant impact on other cryptocurrencies, most notably Bitcoin, which led to concerns about the entire integrity of cryptocurrencies.

Cavazzoli claims that the startup investing industry is going through a “recessionary age,” and Lemon is aware that this pattern will last for a while.

The CEO mentioned that we must adapt to an international framework, of which we are a part.

It’s crucial to remember that not just Latin America is seeing a drop in the cryptocurrency market; this situation has been globally during the whole year, even before the FTX catastrophe.

The number of job cuts at Lemon Cash appears to be the highest in all of Latin America. By comparing the number of employees it chose to let go to the number of posts other crypto companies in the area chose to fill, this may be ascertained.

Plans for Lemon Cash Expansion Are Halved
By the end of 2022, Lemon will have to abandon its expansion ambitions for Colombia, Ecuador, Chile, Uruguay, and Peru.

While this is happening, Lemon Cash is not the first cryptocurrency exchange to lay off employees.

Another Argentine cryptocurrency exchange, Buenbit, reduced its workforce by almost half, leaving only 80 workers.

Approximately a thousand employees at Coinbase apparently lost their jobs in May of this year. 40% of the Indian Exchange WazirX’s workers received the door last month.

A CoinGecko investigation from November 14 found that only 4% of all tech layoffs are related to the cryptocurrency industry. Twitter and other tech behemoths like Meta have cut more jobs.

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