Crypto Exchange Lemon Cash Reduces its Team by 38%
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One of Argentina’s most popular cryptocurrency platforms – Lemon Cash – laid off 38% of its entire workforce to weather the current hard times.
CEO Marcelo Cavazzoli assured that the layoffs are unrelated to FTX’s recent collapse and thanked his team for their hard work over the years.
The next victim
In a recent “open letter to the community,” Cavazzoli announced that Lemon Cash was reducing its workforce by approximately 100 employees, representing 38 percent of the workforce:
“Today I have sad news for you that no entrepreneur wants to give. I decided to reduce the size of our team by 38%.”
Although management feels “great pain” over the decision, this could ensure Lemon Cash’s mission in the long term. The company has not planned any investments in the coming months and layoffs seem to be the only way to minimize costs in the prevailing unfavorable macro economy.
“This is the right decision to make the company sustainable,” Cavazzoli added.
The CEO also stated that the personnel changes were not due to the collapse of FTX. However, he revealed that the troubled trading venue had previously invested in Lemon Cash, while the latter had a “small” exposure to Alameda Research.
The Argentinian company does not hope to regain this share and assured that it will not affect its more than one million customers.
Afterwards, Cavazzoli expressed his gratitude to his team and vowed to continue working hard so that Lemon Cash could maintain its position in the region:
“I will be forever grateful to the team that accompanied us on this mission. I assure you that I will work every day to make it a reality.”
The crypto winter has started a wave of layoffs across the industry, and many exchanges have already taken such measures.
Gemini – the US marketplace run by billionaire twins Cameron and Tyler Winklevoss – fired 10% of its team in June and a further 7% in July.
One of the industry giants – Coinbase – shed 18% this summer. CEO Brian Armstrong argued that the global economy appears to be heading into recession after a decade of economic boom, making such changes necessary for overall survival.
CryptoCom, Bybit, Huobi, BitMEX, BlockchainCom and many others have also added their names to the list.
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