Bitso is one of the largest cryptocurrency exchanges in Latam and has made a number of layoffs as a result of recent market downturns. It has 800 employees and has made the decision to layoff more than 10%. The reason is a change of strategy.
Crypto Exchange Bitso offers more than 10% off its employees
Bitso is one of Latam’s first crypto unicorns. It has now announced that it will take measures to ensure the continued operation of Bitso during this market slump. Mexico-based exchange Bitso announced several layoffs which will impact its presence in 35 of the countries it operates. The exchange plans to lay off 80 workers out of its 600-employee workforce. However, most of the job cuts will occur in Mexico.
Bitso spoke out about these layoffs that reduced the number of employees by over 10%.
We make decisions regarding the employees of our company based on our long term business strategy.
Also, the exchange mentioned that the industry’s speed has caused it to reconsider its priorities and abilities in order for them to quickly take action.
Layoffs and expansion
This company recently made its entry into Colombian markets. It denied these layoffs would affect its current expansion plans. Emilio Pardo was the CEO for Colombia at this point. He stated that, while there is uncertainty in the current market, cryptocurrency is already a mature industry and has determined goals.
Pardo declared that “if crypto had no relevance no one would be talking about it. These are here to stay. Care must be taken in the regulatory as well as educational areas. You can’t do anything with prices but warn about what needs to be done.”
Bitso is not alone in Latam that faces this type of problem. Buenbit (an Argentinian exchange) has announced a shift in its expansion and hiring strategy. It will be laying off a portion of its employees. According to local sources, almost half the workers of Buenbit were dismissed. This included some of its executives. Coinbase, an American-based cryptocurrency exchange, also disclosed that they are slowing down their hiring strategy during the market downturn.
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