On Friday, 38% of the employees at Lemon Cash, a cryptocurrency exchange with operations in Argentina and Brazil, lost their jobs.
According to Lemon Cash, the unfavorable business climate and the absence of a clear outlook for a turnaround in the venture capital industry led to the layoff of 100 employees.
Due to the persistently unfavorable market conditions, several employees of crypto companies like Lemon Cash have had to receive their pink slips in Latin America.
The layoff was announced by Marcelo Cavazzoli, the CEO of Lemon Cash, in a “Open Letter to the Community” blog on Medium.
Cavazzoli expressed his sorrow in the letter and cited the “difficult worldwide situation” as the cause of the loss of employment.
Lemon made the decision to fire this many workers in response to the recent market-shaking failure of the cryptocurrency exchange FTX.
The FTX crash had a significant impact on major cryptocurrencies, most notably Bitcoin, which led to concerns about the overall integrity of cryptocurrencies.
It’s crucial to remember that not only Latin America is experiencing a decline in the cryptocurrency market; this situation has existed globally throughout the entire year, even before the FTX catastrophe.
The number of job cuts at Lemon Cash appears to be the highest in all of Latin America. By comparing the number of employees it chose to let go to the number of positions other crypto companies in the area chose to fill, this can be ascertained.