Latam Cryptocurrency Exchange Bitso Announces Layoffs Amidst Expansion to Colombia – Bitso, one of Latam’s first cryptocurrency unicorns, has declared that it is taking steps to ensure the company’s continued operation throughout the current market downturn.
The Mexico-based exchange announced a round of layoffs that will have an impact on its presence in the 35 countries where it operates. According to local media, the exchange will lay off 80 staff out of a total of 600, with the majority of the layoffs taking place in Mexico.
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Bitso stated about the layoffs, which reduced the company’s workforce count by more than 10%:
“Our hiring decisions are based on our long-term business strategy, as well as our desire to assist our customers and our corporate strategy.”
The exchange also mentioned the crypto industry’s speed as a factor that has caused it to reconsider its capabilities and priorities in order to act swiftly.
The company, which just announced its entry into the Colombian market, said the layoffs will have no immediate impact on its expansion plans. While the market is uncertain at the present, Emilio Pardo, the company’s CEO for Colombia, noted earlier this month that the cryptocurrency market is a well-established business with well-defined objectives.
“If crypto had no relevance, no one would be talking about it,” Pardo said. This is here to stay, and the regulatory and educational aspects must be carefully considered. You can’t change prices, but you can warn people about what needs to be done.”
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Latam Cryptocurrency Exchange Bitso Announces Layoffs Amidst Expansion to Colombia – Bitso isn’t the only Latam exchange experiencing difficulties. Buenbit, an Argentinian exchange, has recently announced a shift in its hiring and expansion plan, announcing that some of its employees will be laid off.
According to local sources, the company fired almost half of its employees, including some executives. During this market downturn, Coinbase, a US-based crypto exchange, has also stated that it is slowing down its hiring strategies.