Bitso, one of the largest cryptocurrency exchanges in Latam, has announced a series of layoffs due to the recent downturn in the cryptocurrency market. The exchange, which employs 800 people, has decided to lay off more than 10% of its workforce, spearheading a shift in long-term strategy for the company just as it announced its expansion into Colombia.
Crypto exchange Bitso is laying off over 10% of its employees
Bitso, one of the first cryptocurrency unicorns in Latam, has announced that it is taking measures to keep the company running during the current market downturn. The Mexico-based exchange announced a series of layoffs that will impact its presence in the 35 countries in which it operates. According to local media, the exchange will lay off 80 of its 600 employees, with most of the layoffs taking place in Mexico.
Commenting on these layoffs, which reduced the company’s workforce by more than 10%, Bitso explained:
Our decisions about the people who work for our company are made based on our long-term business strategy to support our customers and our corporate strategy.
The exchange also cited the speed of the crypto industry as a factor that has caused it to reassess its capabilities and priorities to take swift action.
layoffs and expansion
The company, which recently announced its entry into the Colombian market, denied that these layoffs would have any impact on its expansion plans at this time. Earlier this month, Emilio Pardo, the company’s CEO for Colombia, stated that while the cryptocurrency market is uncertain at the moment, the cryptocurrency market is an already established industry with set goals.
Pardo explained that “nobody would be talking about it if crypto wasn’t relevant. This is here to stay and attention must be paid to the regulatory and educational aspects. You can’t do anything with prices other than to warn about what needs to be done.”
Bitso is not the only exchange in Latam facing this kind of difficulties. Buenbit, an Argentine stock exchange, has also announced a change in its hiring and expansion strategy and announced that it will lay off some of its employees. Local sources explained that almost half of the company’s employees have been laid off, including some executives. Coinbase, a US-based crypto exchange, has also revealed that it is slowing down its hiring strategies during this market downturn.
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