Bitso, one of the largest cryptocurrency exchanges in Latam, has announced several layoffs due to the downturn in the cryptocurrency market. The exchange, which has a workforce of 800, has decided to lay off more than 10% of its staff citing changes in its long-term strategy for the company, while announcing expansion into Colombia.
Crypto Exchange Bitso Eliminates More Than 10% Employees
Bitso, one of the first cryptocurrency unicorns in Latam, has declare it took steps to preserve the company’s operations during the current market downturn. The Mexico-based exchange announced a number of layoffs that will affect its presence in the 35 countries where it operates. According to local media, the exchange will lay off 80 employees from a total workforce of 600 employees, with most layoffs occurring in Mexico.
Regarding the layoffs, which reduced the number of employees by more than 10% for the company, Bitso announced:
Our decisions about the people who work at our company are made based on our long -term business strategy and to support our customers and our strategy as a company.
The exchange also made reference to the speed of the crypto industry as a factor that made him rethink his capabilities and priorities in order to act quickly.
Layoffs and Expansion
The company, which recently announced its entry into the Colombian market, denies whether the layoffs will have any impact on its current expansion goals. Earlier this month, Emilio Pardo, the company’s CEO for Colombia, stated that while the market is uncertain at the moment, the cryptocurrency market is an established industry with a defined purpose.
Pardo declared that “if crypto is irrelevant no one will talk about it. This is here to stay and care must be taken from the regulatory and educational aspects. You can’t do anything with the price but remind yourself what to do.
Bitso is not the only exchange in Latam facing this difficulty. Buenbit, the Argentine exchange, has also been declare changes in hiring and expansion strategies, announcing it will be laying off parts of its staff. Local sources said almost half of the company’s employees were fired, including some executives. Coinbase, a U.S.-based crypto exchange, also has it revealed that they are slowing down their hiring strategy during this market downturn.
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