Latam Cryptocurrency Exchange Bitso Announces Layoffs Amidst Expansion to Colombia
Bitso, one of the biggest cryptocurrency exchanges in Latam, has announced a series of layoffs due to the recent downturn in the cryptocurrency market. The exchange, which has a workforce of 800 workers, has decided to let go of more than 10% of its staff citing a change in the long-term strategy for the company, just when it had announced its expansion to Colombia. Crypto Exchange Bitso Lays Off Over 10% of Its Employees
Bitso, one of the first cryptocurrency unicorns in Latam, has announced it is taking measures to preserve the operation of the company during the current market downturn. The Mexico-based exchange announced a series of layoffs that will affect its presence in the 35 countries where it has operations. According to local media, the exchange will be laying off 80 employees out of its total 600-employee workforce, with most of the layoffs happening in Mexico.
About these layoffs, which cut the employee count by more than 10% for the company, Bitso declared:
Our decisions about the people who work for our company are made based on our long-term business strategy and to support our customers and our strategy as a company.
The exchange also made reference to the speed of the crypto industry as a factor that has made it rethink its abilities and priorities in order to take action swiftly. Layoffs and Expansion
The company, which recently announced its entrance into the Colombian market, denied that these layoffs would have any effect on its expansion goals at the moment. Earlier this month, Emilio Pardo, CEO of the company for Colombia, stated that while the market is uncertain at the moment, the cryptocurrency market is an already established industry with determined objectives.
Pardo declared that “if crypto had no relevance no one would be talking about it. This is here to stay and care must be taken from the regulatory and educational aspects. You can’t do anything with prices but warn about what needs to be done.”
Bitso is not the only exchange in Latam facing this kind of difficulty. Buenbit, an Argentinian exchange, has also announced a change in its hiring and expansion strategy, revealing it would be laying off part of its staff. Local sources declared that almost half of the employees of the company were fired, including some executives. Coinbase, a US-based crypto exchange, has also revealed that it is slowing down its hiring strategies during this market downturn. Tags in this story Bear Market, Bitso, Buenbit, Coinbase, downturn, hiring strategy, latam, layoffs, Mexico
What do you think about Bitso’s layoffs? Tell us in the comment section below. Sergio Goschenko
Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. A16z Launches $4.5 Billion Crypto Fund Focused on Web3 Opportunities NEWS | 2 hours ago Study Shows the United States Is Home to 41% of the NFT Companies Worldwide NEWS | 12 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons, T. Schneider Previous articleElon Musk Says Spacex Will Soon Accept Dogecoin for Merchandise — Starlink Subscriptions Could Follow Next articleA16z Launches $4.5 Billion Crypto Fund Focused on Web3 Opportunities Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design