On Friday, 38% of the employees at Lemon Cash, a cryptocurrency exchange with operations in Argentina and Brazil, lost their jobs.
According to Lemon Cash, the unfavorable business climate and the absence of a clear vision for a rebound in the venture capital market led to the layoff of 100 employees.
Due to the persistently unfavorable market conditions, several employees of crypto companies like Lemon Cash have had to receive their pink slips in Latin America.
The layoff was announced by Marcelo Cavazzoli, the CEO of Lemon Cash, in a “Open Letter to the Community” blog on Medium.
Cavazzoli expressed his sorrow in the letter and cited the “challenging international context” as the cause of the loss of employment.
Lemon made the decision to fire this many workers in response to the recent market-shaking failure of the cryptocurrency exchange FTX.
The FTX crash had a significant impact on major cryptocurrencies, most notably Bitcoin, which led to concerns about the overall integrity of cryptocurrencies.
