Mexican Crypto Exchange Bitso Announces Lay Offs Amidst the Crypto Winter

Crypto Winter layoffs

June 5, 2022

Reading Time: 2 minutes

All stakeholders, including crypto exchanges, are feeling the chill of the ongoing crypto winter. Like its U.S. peers, Mexican crypto exchange Bitso has laid off a significant portion of its employees to cut costs.

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Bitso Lays Off 80 Employees

On Thursday, Bitso announced that it had laid off 80 employees. Before the onset of the crypto winter, the exchange had over 700 workers and four million users in Mexico, Argentina, Colombia, and Brazil. In the announcement, Bitso stated that it made its decisions about employees based on the long-term business strategy and in support of its customers.

As of now, six major crypto exchanges in the United States and Latin America broke the news of employee layoffs. The exchanges have paused hiring to adapt to the new macroeconomic situation in the crypto industry.

Unlike Coinbase, which recalls its offer to new hires, Mexican crypto exchange Bitso still has 60 open positions on its careers page. According to Bitso, accounting, tax, legal, fraud-detection, and product and software development were vital positions that it needed to fill.

Crypto Winter Layoffs in Major Exchanges

Another Latin American exchange Buenbit also had to make the tough decision of laying off its employees. While Bitso laid off only 10%, the Argentinian crypto exchange did a whopping 45% of its workforce. According to CEO Federico Ogue, the decision was arrived at after rethinking the exchange’s long-term strategy.

Mercado Bitcoin’s parent company 2TM also dismissed 12% of its workforce. The largest crypto exchange in Latin America cited changes in the global financial landscape as the reasons for the layoffs.

In the U.S., crypto exchange Gemini announced it would lay off 10% of its workforce. The Crypto Winter layoffs are happening in exchanges from different regions as they are forced to modify their employment strategies. Another industry player Robinhood also laid off 9% of its employees in April.

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