One of the popular cryptocurrency platforms in Argentina – Lemon Cash – laid off 38% of its total workforce to weather the current difficult times.
CEO Marcello Cavazzoli assured that the layoffs have nothing to do with FTX’s recent collapse and thanked his team for their hard work over the years.
In a recent “open letter to the community,” Cavazolli announced that Lemon Cash has cut its workforce by nearly 100, representing 38% of its workforce:
“Today I have sad news to share with you, which no entrepreneur wants to give. I decided to reduce the size of my team by 38%.
While the board feels “great pain” in making this decision, it can ensure Lemon Cash’s mission in the long run. The company has no planned investments in the coming months and layoffs are the only way to reduce costs in the current adverse macroeconomic reality.
“It’s the right decision to make the company sustainable,” said Cavazzoli.
The CEO further emphasized that the workforce review was not a result of the collapse of FTX. However, he revealed that the troubled trading platform had invested in Lemon Cash in the past, while Alameda Research had “small” exposure to the latter.
The Argentinian unit does not expect to recover that allocation and has assured it will have no impact on its more than one million customers.
Afterwards, Cavazolli expressed his gratitude to his team and promised to keep working hard so that Lemon Cash can maintain its position in the region:
“I will be forever grateful to the team that accompanied us on this mission. I assure you that I will work every day to make this a reality.
Crypto winter has sparked a wave of layoffs across the industry and many exchanges have already taken such measures.
Gemini – a US-based trading site led by billionaire twins Cameron and Tyler Winklevoss – laid off 10% of its team in June and another 7% in July.
One of the giants in the space – Coinbase – got an 18% discount this summer. CEO Brian Armstrong argued that after a decade of economic boom, the global economy is entering recession, which is why such changes are necessary for the entity’s survival.
Cryptocom, Bybit, Huobi, BitMEX, Blockchain.com and many others have also made their name in the list.
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