Dismissal statement from Argentine Crypto exchange Lemon Cash. Argentinian crypto exchange Lemon Cash has laid off almost 40% of its employees to ensure the company’s sustainability during difficult times.
One of the most popular cryptocurrency platforms in Argentina – Lemon Cash – removed 38% of its total users to endure the current difficult times. CEO Marcelo Cavazzoli was adamant that the layoffs had nothing to do with FTX’s recent collapse and thanked his team for their hard work over the years.
In a recent “open letter to the community,” Cavazzoli announced that Lemon Cash has cut its workforce by about 100 employees, or 38% of the workforce: “Today, I have sad news to share with you, the one that no entrepreneur wants to give. I decided to reduce the size of our team by 38%.”
Although the boss is in “extreme pain” for making the decision, he may save Lemon Cash’s information in the end. The company has no plans for any investment in the coming months and layoffs seem to be the only way to reduce wages in the current unfavorable macroeconomic reality.
“This is the right decision to make the company sustainable,” Cavazzoli added.
The president went on to point out that the change in staff was not due to the failure of FTX. However, he revealed that the struggling business model has invested in Lemon Cash in the past, while the latter has “little” exposure to Alameda’s research. The Argentinian company does not expect to recover this money and ensures that it will not affect its more than one million customers.
After that, Cavazzoli expressed his gratitude to his team and promised to continue working hard so that Lemon Cash can maintain its position in the region: “I will be forever grateful to the team that accompanied us on this mission. I assure you that I will work every day to make it a reality.”
The severity of the layoff Lemon Cash
The crypto winter has sparked a wave of layoffs across the industry, and many exchanges have already done so.
Gemini – the US-based marketing strategy run by billionaire twins Cameron and Tyler Winklevoss – shed 10% of its members in June and another 7% in July. One of the giants in the field – Coinbase – dropped 18% this summer. CEO Brian Armstrong argued that the global economy appears to be entering a recession after a decade of economic growth, which is why such changes are necessary for the company’s survival. CryptoCom, Bybit, Huobi, BitMEX, BlockchainCom and many others have also made their names on the list.