Buenbit, an Argentinian cryptocurrency platform, announced a string of layoffs as a result of the economic downturn traditional and crypto markets currently experiencing. Buenbit’s co-founder and CEO, Federico Ogue, clarified that this move had nothing to do with the recent Terra ecosystem disaster and that from now on, the exchange would focus on keeping operations in countries where it already has an established presence.
Buenbit Announces Layoffs
Buenbit is an Argentinian cryptocurrency trading platform. It has made a shift in its recruitment strategy to reflect the current downturns that cryptocurrency and stock market markets have been experiencing. Some reports claim that the company is planning to lay off nearly half its workforce in the three countries it has operations, as well as senior executives.
Federico Ogue is the co-founder of the exchange and its CEO. statedOgue stated on social media: These changes are the result of tech industry going through a review phase. Ogue said:
We made this decision in light of the new circumstances. Our expansion plans were halted and we reduced our staff to concentrate on our operations today. This will allow us to maintain an efficient and self-sustaining structure.
Ogue further revealed that Ogue’s move did not have anything to do with Terra’s recent collapse. However, Ogue said the exchange does offer Terra-related services within its investment portfolio. “It is a decision that we have been working on for months. It is an adjustment that is taking place throughout the startup industry,” he explained.
Expansion Plans Halted
The company’s expansion plans, as well as the $11 million raised in Series A funding round for July 2021 to achieve this goal, are now over. Company announced its intention to keep the same high quality operations in all countries it has already established.
The company stated this was a proactive response to an upcoming problem, “in order to avoid, in the near future, the unnecessary exposure of the company to the dependence of raising a next round of investment, when the market numbers indicate that this is not the correct strategy to follow in the current context.”
Another exchange has also changed its hiring strategies in response to changing economic conditions. Coinbase, an American-based cryptocurrency exchange said recently that it will slow down its hiring processes to better position itself during and after this market downturn.
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