Argentinean cryptocurrency exchange Buenbit has announced a change in recruitment strategy due to the recent downturn faced by the cryptocurrency and stock market.
Buenbit plans to lay off half of its employees in three countries, including top executives, to maintain efficiency levels informs Bloomberg Linea. The co-founder and CEO of the exchange, Federico Ogue, said the cuts are a reflection of the hardship the industry is facing:
“Given the new context we have to face, we have decided to cut staff and freeze expansion plans to focus solely on operations in the countries where we operate. This step will allow us to maintain a self-sufficient and efficient structure during the crisis.”
The businessman assures that the cuts have nothing to do with the recent collapse of the Terra ecosystem. Even though Buenbit offered Terra-related services as part of an investment portfolio. According to Federico Oga, the exchange has been working on a staffing decision over the past few months to adjust future plans. Such changes are typical for cryptocurrency startups, he assured.
The company says that they are preparing for the next investment round, and the staff reduction will make it possible to more realistically assess the platform’s ability to distribute funds in order to provide investors with real numbers.
Earlier, the CEO of the cryptocurrency platform Robinhood, Vlade Tenev, said that the company was laying off about 350 of its employees amid falling shares of the company.
Source: Bits
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