Argentina’s Lemon Cash Crypto Exchange Fires 38 Percent of Employees: All the Details
The ongoing decline in the crypto industry has criticized the business of several companies. Lemon Cash, an Argentinian crypto exchange has joined the list of several other companies to announce layoffs to keep their businesses afloat in the market. The total number of employees is 38 percent of the crypto exchange, making about 100 employees. The company blamed the lack of a clear space for the acquisition of digital assets and corporate capital markets.
Lemon Cash has offices in Argentina and Brazil. According to its CEO Marcelo Cavazzoli, losses were recorded in both regions.
“We don’t know when the capital market will recover, and slowly for a company that is in the growth stage between Series A and Series C,” a CoinDesk Report he quoted Cavazzoli as saying.
About two weeks ago, the FTX crypto exchange collapsed due to lack of funds, and finally declared bankruptcy.
In subsequent market movements, more than $200 billion (approx. Rs. 16,30,024 crore) were removed from the market, leaving the current global crypto valuation at $828 billion (approx. Rs. 67,48,832 crore).
A number of other crypto companies have had to go out of business.
In May, Buenbit laid off 45 percent of its workforce, about 80 employees, as a result of which the crypto exchange is called a “world revolution” in the technology industry. Bitso, another exchange, also laid off 80 workers in May.
Currently, the CEO of Lemon Cash said, the company is financially comfortable after raising $16.3 million (approx. Rs. 130 crore) in Series A funding led by British fund Kingsway Capital and bringing its valuation to $45 million (approx. Rs. 365). million). crore) last year.
“We are not counting on further investment in the next few years. If the market recovers soon, that’s great, but it’s not something we will follow,” said Cavazzoli.
A significant portion of the capital was used by Lemon Cash in its expansion in Brazil. The company plans to mark its presence in Chile, Colombia, Ecuador, Peru, and Uruguay.
Meanwhile, other companies that have announced layoffs to meet the changing face of the crypto sector in recent months include BitOasis, Vauld, OpenSea, and Genesis among others.
