Argentine crypto exchange Buenbit announces layoffs.Due to the downturn that traditional and cryptocurrency markets are currently facing, Buenbit, an Argentine cryptocurrency exchange, has announced a series of layoffs. As Buenbit co-founder and CEO Federico Ogue explained to the Terra system disaster, this move has nothing to do with the recent environmental disaster and that from now on, which already has an established presence, the exchange will focus on maintaining operations in countries.
Argentine crypto exchange Buenbit announces layoffs
What happened in Buenbit because of the contraction faced by traditional currency markets and encrypted currencies, Buenbit, an Argentinian encrypted currency exchange, from a series of layoffs. For the TERRA system, and whether the stock exchange will focus on maintaining operations in countries.
Buenbit announces layoffs Continue
Argentine cryptocurrency exchange Buenbit, due to the recent downturn facing the cryptocurrency and stock markets, announced a change in its hiring strategy. The company will lay off nearly half of its current workforce, according to some reports, including some top executives, in the three countries in which it operates.
These changes were a result of the tech industry facing a review phase on social media, said Federico Ogue, co-founder and CEO of the exchange. As Augie said:
We have decided to reduce our staff and pause our expansion plan to focus exclusively, given this new context, on operations in the countries in which we are present today and maintaining an efficient and sustainable structure.
Ogue revealed that the move had nothing to do with the collapse of the Terra ecosystem, moreover, the exchange had already provided Terra-related services as part of its investment portfolio though. It's an adjustment that's happening across the startup industry, it's a decision we've been working on for months, he explained.
The company halts expansion plans
The company ends the expansion plans of this new strategy that the company revealed during the first financing round, for this goal in July 2021, which raised $ 11 million. It will have to maintain the same quality of operations in the countries the company has announced as its focus in which it already operates. Present.
In order to avoid, in the near future as the company has stated that this was a proactive response to an upcoming problem, a next round of investment the unnecessary exposure of the company to increase dependence, that this is not the correct strategy to follow when market numbers indicate in the current context.
Other stock exchanges have also announced changes in their hiring strategies due to the new trend of global economic markets. US-based cryptocurrency exchange Coinbase, in a better position during and after the current market downturn recently indicated that it will slow the hiring process to be .