Argentinian Cryptocurrency Exchange Buenbit Announces Staff Layoffs – Due to the recent downturn in the cryptocurrency and stock markets, Buenbit, an Argentinian cryptocurrency exchange, has announced a shift in its employment approach. According to some estimates, the corporation would lay off over half of its current workforce, including some top executives, across its three regions of operation.
These adjustments, according to Federico Ogue, the exchange’s co-founder and CEO, are the result of the tech industry’s current review phase.
According to Ogue:
“In light of this new situation, we have chosen to reduce our workforce and put our expansion plans on hold in order to focus solely on operations in the countries where we now operate and to preserve a self-sustaining and efficient structure.”
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Furthermore, Ogue stated that this move was unrelated to the Terra ecosystem’s recent collapse, despite the fact that the exchange does sell Terra-related services as part of its investment portfolio. “This is a decision on which we have been deliberating for months.” “It’s a change that’s happening across the startup industry,” he explained.
This new approach replaces the expansion goals announced at the company’s Series A fundraising round in July 2021, which raised $11 million for this purpose. The company stated that it will focus on maintaining the same level of service in countries where it already operates.
The company stated this was a proactive approach to a potential problem, “in order to prevent, in the near future, the unnecessary exposure of the firm to the necessity on raising a new round of investment, when the market numbers show that this is not the best strategy to adopt in the current context.”
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Due to the changed direction of the global economic markets, other exchanges have declared modifications in their hiring practices. Coinbase, a cryptocurrency exchange based in the United States, recently announced that it would slow down its hiring process in order to be better prepared during and after the current market slump.