Lemon Cash had to lay off round 100 workers, which consists of 38% of the corporate’s employees, to survive crypto winter.
The market is witnessing a full-fledged bear market in crypto, and the worldwide macroeconomic scenario is forcing the administration to depend on excessive measures like lay offs. Lemon Cash, a crypto trade working in Brazil and Argentina, introduced to lay off 38% of its employees to make the corporate sustainable with out the necessity for brand spanking new investments within the coming years.
Marcelo Cavazzoli, the CEO of Lemon Cash, introduced the lay off in a Medium publish with the title “open letter to the community.” He expressed his ache within the letter and cited the “challenging international context” for the lay off.
“There is an international context of which we are a part and to which we have to adapt. The startup investment market is in a recessive period and we know it will continue like this for a while,” states the CEO.
The CEO talked about that they’ve complete funding of over $44 million, which can give them the monetary backing to survive the lengthy crypto winter. He additional wrote that they aren’t compelled to this excessive measure due to the latest FTX collapse. Recently Metaplex, an NFT protocol on Solana, had to lay off a number of of its workers due to the oblique affect of the FTX contagion.
The Crypto Lay Offs
Lemon Cash will not be the one crypto trade to lay off its workforce. Another Argentine crypto trade, Buenbit, laid off 50% of its employees, consisting of 80 workers, in May. Coinbase is reported to have laid off round 1000 staff members this 12 months. Indian Exchange WazirX laid off 40% of its workforce in Oct.
2022 is witnessing the worst lay offs since Covid. According to a CoinGecko report launched on Nov. 14, the crypto sector noticed 4,695 lay offs which makes up 4% of the whole tech trade.
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