Saturday, December 3, 2022

Argentina’s Lemon Cash Crypto Exchange Fires 38 Percent Staff: All Details

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The ongoing downturn in the crypto industry has lashed the business flowing out of several companies. Lemon Cash, an Argentina-based crypto exchange has joined the list of several other companies to announce lay-offs in order to keep their businesses afloat in the market turmoil. A total of 38 percent staff of the crypto exchange, making for around a hundred employees. The company has blamed the lack of a clear recovery horizon in the digital assets and venture capital markets.

Lemon Cash has offices in Argentina as well as Brazil. As per its CEO Marcelo Cavazzoli, losses have been recorded in both of the regions.

“We do not know when the venture capital market will recover, and even less so for a company in a hyper growth stage between a Series A and a Series C,” a CoinDesk report quoted Cavazzoli as saying.

Around two weeks ago, the FTX crypto exchange collapsed due to liquidity crunch, and ended up declaring bankruptcy.

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Disclaimer: This story is generated from RSS Feed and has not been created or edited by Waba News. Publisher: Gadgets360

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