LatAm BTC Exchanges Prepare For Major Layoffs Ahead Of Crypto Winter

LatAm BTC exchanges are preparing for the crypto winter with major layoffs, joining their US peers in the response to the market movements so let’s have a closer look at today’s latest cryptocurrency news.

The onset of the crypto winter is not affecting only the retail investors. Six of the crypto exchanges in the US and Latin America already announced massive layoffs and changes in the hiring policies to adapt to the new macroeconomic circumstances. The LatAm btc exchanges such as 2TM announced they will lay off 12% of the 750 workers due to changes in the global financial landscape. Mercado Bitcoin is also the biggest exchange in Latin America by trading volume.

The scenario required adjustments that go beyond the reduction of operating expenses and made it necessary to lay off a chunk of the employees. 2TM added:

 “The process we have carried out has been guided by transparency and respect, to honor the legacy of each employee who has helped us get this far.”

Last week, other major companies in the region took similar measures. Bitso, the Mexican biggest exchange and second biggest in the Latin American region, announced it will lay off 80 employees amid the tightening conditions that affected the industry. Bitso had about 700 employees when the measure was announced but the policy was nto focused only on staff reduction but also on redesigning the company’s activities. The company still has about 60 vacancies in strategic areas like tax, legal counseling, fraud detection, and software development.

Buenbit is one of the leading crypto platforms in Argentina and it had to take some more dramatic measures and laid off 45% of the staff which ended up with only 100 active workers from the previous 180. Federico Ogue, the CEO of Buenbit noted that the company had to redefine its strategy and have a greater presence in the industry of the future. He emphasized that the executive team made a move after many months of evaluation. Ogue added:

“After 2021 of exponential growth for the tech industry, we find ourselves going through a global review stage. Given this new context, we decided to reduce staff and put on hold our expansion plan to focus exclusively on the operation of the countries where we are present today and maintain a self-sustaining and efficient structure.”

Two of the most important exchanges in the US also announced changes in their hiring policy as well as reducing their staff. Gemini announced a layoff of 10% of its staff to go thorugh the crypto winter and to maintain the long-term goals. The Winklevoss twins as the founders of the exchange said:

“After much thought and consideration, we have made the difficult but necessary decision to part ways with approximately 10% of our workforce.”