Latin American Crypto Exchange Bitso Announces Layoffs Amid Colombia Expansion – Bitcoin News

Due to the recent downturn in the cryptocurrency market, Bitso, one of the largest cryptocurrency exchanges in Latin America, has announced a series of layoffs. The 800-employee exchange decided to lay off more than 10% of its staff, citing a change in the company’s long-term strategy, just as it announced its expansion into Colombia.

Cryptocurrency exchange Bitso lays off more than 10% of its staff

Bitso is one of the first cryptocurrency unicorns in Latin America, with Announce It is taking steps to protect the company’s operations during the current market downturn. The Mexico-based exchange announced a series of layoffs that will affect its operations in the 35 countries where it operates. According to local media reports, the exchange will lay off 80 of its 600 employees, with most of the layoffs taking place in Mexico.

Regarding these layoffs, which reduced the company’s headcount by more than 10%, Bitso declared:

Our decisions about who works for our company are based on our long-term business strategy and support our customers and our strategy as a company.

The exchange also cited the speed of the crypto industry as a factor that made it reconsider its capabilities and priorities to move quickly.

Layoffs and Expansion

The company, which recently announced its entry into the Colombian market, denies the layoffs have any impact on its current expansion goals. Earlier this month, Columbia CEO Emilio Pardo, statement While the market is currently uncertain, the cryptocurrency market is an industry with established goals.

Pardo declared that “if crypto is not relevant, no one will be talking about it. This will continue to exist and must be watched from a regulatory and educational side. You can’t do anything with price, but be warned about what needs to be done.”

Bitso is not the only exchange in Latin America facing such difficulties.Argentine exchange Buenbit also Announce Changes in its hiring and expansion strategy suggest it will lay off some staff. Nearly half of the company’s employees, including some executives, were fired, local sources said.US-based cryptocurrency exchange Coinbase also disclose It is slowing down its hiring strategy during this market downturn.

What do you think of Bitso’s layoffs? Let us know in the comments section below.

Sergio Goshenko

Sergio is a cryptocurrency journalist in Venezuela. He describes himself as late to the game, entering the crypto space when prices rose in December 2017. With a background in computer engineering, living in Venezuela, and being affected by the cryptocurrency craze on a social level, he offers a different perspective on the success of cryptocurrencies and how it can help the unbanked and underserved.

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