Lemon Money needed to lay off around 100 staff members, which includes 38% of the business’s personnel, to endure crypto winter season.
The marketplace is experiencing a full-fledged bearishness in crypto, and the international macroeconomic scenario is requiring the management to depend on severe procedures like lay offs. Lemon Money, a crypto exchange operating in Brazil and Argentina, revealed to lay off 38% of its personnel to make the business sustainable without the requirement for brand-new financial investments in the coming years.
Marcelo Cavazzoli, the CEO of Lemon Money, revealed the lay off in a Medium post with the title “open letter to the neighborhood.” He revealed his discomfort in the letter and pointed out the “tough worldwide context” for the lay off.
” There is a worldwide context of which we belong and to which we need to adjust. The start-up financial investment market remains in a recessive duration and we understand it will continue like this for a while,” specifies the CEO.
The CEO discussed that they have overall financing of over $44 million, which will provide the sponsorship to endure the long crypto winter season. He even more composed that they are not required to this severe procedure due to the current FTX collapse. Just recently Metaplex, an NFT procedure on Solana, needed to lay off numerous of its staff members due to the indirect effect of the FTX contagion.
The Crypto Lay Offs
Lemon Money is not the only crypto exchange to lay off its labor force. Another Argentine crypto exchange, Buenbit, laid off 50% of its personnel, including 80 staff members, in Might. Coinbase is reported to have actually laid off around 1000 employee this year. Indian Exchange WazirX laid off 40% of its labor force in Oct.
2022 is experiencing the worst lay offs given that Covid. According to a CoinGecko report launched on Nov. 14, the crypto sector saw 4,695 lay offs that makes up 4% of the whole tech market.
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