Argentina-based crypto app Lemon Cash has announced that it is laying off 100 people, or 38 percent of its staff.
The difficult processes of the crypto industry have brought with them bankruptcies or layoffs. As a result of this period, many companies said goodbye to their staff on the grounds of financing. Galaxy Digital recently revealed that it plans to lay off 20 percent of its employees. Powerful cryptocurrency exchange Coinbase is also laying off staff on a regular basis. The negative effects of difficult processes have also increased in the Latin America region. Argentina-based platform Lemon Cash announced that it is laying off 100 staff.
Lemon Cash Involved in Layoffs in Latin America
The company Lemon Cash was also involved in the layoffs of crypto projects such as Latin America-based Bitso, Buenbit and 2TM.
Marcelo Cavazzoli, CEO of the crypto company, touched on the difficult financing processes and the negative trend of the market. Cavazzoli underlined that if these processes continue, more layoffs could be seen in Latin America’s Fintech industry.
The crypto company also announced that it has closed the $28 million extension of a Series A funding round and has more than 1.6 million users.
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