Bitso Cuts More Employees in A New Round of Layoffs

Bitso cuts more employees in a new round of layoffs.
  • Bitso, a cryptocurrency exchange based in Mexico, has reduced its workforce further.
  • The layoffs were first reported by the Brazilian crypto publication Portal do Bitcoin, and several affected employees revealed them on LinkedIn.

Bitso, a Mexico-based cryptocurrency exchange, has laid off an unspecified number of employees in a new round of layoffs, about six months after laying off about 80 employees.

According to the company, “Bitso made the difficult decision to reduce its workforce as part of a strategic restructuring.” Bitso added that, “The people who are no longer with the company are all great professionals who had contributed in many ways to Bitso’s mission of making crypto useful.”

Bitso declined to say how many employees were affected or which countries were affected. Bruno Cavalieri, a former growth content writer for the firm, said on LinkedIn that he was one of “dozens” laid off.

According to former employees, about 100 people were laid off by Bitso in Mexico and Brazil, according to the Brazilian crypto publication Portal do Bitcoin. According to Portal do Bitcoin, the company had between 500 and 600 employees.

LinkedIn posts from laid-off workers of Bitso on LinkedIn confirm that the crypto exchange laid off several employees, with some using the hashtag #bitsolayoff. Product designers, business intelligence analysts, process improvement agents, scrum masters, and customer support analysts are among those affected. 

Bitso and its Latin American peers have made significant cuts this year in response to the crypto market downturn. Bitso laid off 80 employees in May, and 2TM, the parent company of Mercado Bitcoin, laid off nearly 100 people in September after laying off more than 80 in June. In May, the Argentina-based crypto exchange informed The Block that it had reduced its workforce from 215 to 115 employees.

On Nov. 24, Lemon Cash CEO Marcelo Cavazzoli told The Block that he expected more fintech layoffs in Latin America, following news that his Argentina-based crypto app company had laid off about 100 people, accounting for 38% of its workforce.

“We evaluate our business priorities on a regular basis, and make structural adjustments accordingly,” Bitso announced in a statement. “We work in a fast-paced industry that requires us to constantly remix our high-value skills, so we can move even faster to where our clients need us to be, taking into consideration the long-term interest of our business, the market and the industry.”

Bitso has over 6 million users across Argentina, Brazil, Mexico, and Colombia. On November 28, it announced that it now has over 1,500 institutional clients using its B2B services. The company also stated that it intends to release a solvency report next month, similar to how other crypto firms such as Binance are attempting to allay fears following the collapse of crypto exchange FTX.

Bitso added that, “[it] will continue to invest in developing new products to fulfill its mission of making crypto useful, and making sure the company retains its leadership and strength in the region.”