Mexico Based Crypto Exchange ‘Bitso’ to Lay Off Major Workforce

Mexico Based Crypto Exchange ‘Bitso’ to Lay Off Major Workforce

  • An 80-person layoff announcement was made by Bitso.
  • Gemini announced a 10% workforce layoff to weather the crypto winter.

Retail investors are not the only ones feeling the effects of Crypto Winter. Six of the most significant cryptocurrency exchanges in the United States and Latin America have announced major layoffs and new recruiting procedures. Due to “changes in the global financial landscape,” the business behind Mercado Bitcoin, 2TM, said it would lay off 12 percent of its 750 employees. Mercado Bitcoin in Latin America’s most popular cryptocurrency exchange by trading volume.

Crypto Exchanges Feel the Heat

Several prominent Latin American crypto businesses took similar actions last week. An 80-person layoff announcement was made by Bitso, Mexico’s biggest exchange and the second-largest crypto platform in Latin America.

The company had more than 700 workers at the time of the announcement of the new policy. The company’s operations will be restructured due to policy changes. About 60 positions remain open in crucial areas, including accounting, tax, legal, fraud detection, and product and software development.

More serious steps were to be taken by Buenbit, one of the most popular cryptocurrency investment platforms in Argentina, resulting in the loss of 45 percent of its workforce. It has become necessary for Buenbit’s CEO Federico Ogue to rethink its long-term strategy to have a stronger presence in crypto. After months of deliberation, he said, the executive team reached their decision.

There have been recent modifications in the employment strategy at two of the most prominent US stock exchanges, which have resulted in significant reductions in their workforce. The crypto exchange controlled by the Winklevoss twins, Gemini, announced a 10% workforce layoff to weather the crypto winter and sustain its long-term ambitions. Coinbase followed suit not long after Gemini’s announcement.

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