Argentinian Cryptocurrency Exchange Buenbit Announces Staff Layoffs

Argentine cryptocurrency exchange Buenbit has announced a series of layoffs due to the downturn that traditional and crypto markets are currently facing.Buenbit co-founder and CEO Federico Ogue clarified that the move has nothing to do with the recent disaster in the Terra ecosystem and will focus on maintaining operations in countries where the exchange already has an established presence.

Buenbit Announces Layoffs

Buenbit, the Argentine cryptocurrency exchange, has announced a change in hiring strategy due to the recent recession facing the cryptocurrency and stock markets. According to somereportsthe company plans to lay off almost half of its current workforce across the three countries where it operates, including some senior management.

Federico Ogue, co-founder and CEO of the exchange,said on social mediathat these changes are a result of the tech industry facing a review phase. Ogue stated.

In light of this new situation, we have decided to reduce our staff, suspend our expansion plans, and focus solely on our operations in the countries where they currently exist to maintain a self-sustaining and efficient structure.

Additionally, Ogue clarified that this move has nothing to do with the recent collapse of the Terra ecosystem, even though the exchange had offered Terra-related services as part of its investment portfolio.” This is a decision we have been working on for months. It is an adjustment that is being made throughout the startup industry,” he explained.

Expansion Plans Discontinued

This new strategy ends the expansion plans the company had revealed in its Series A funding round in July 2021, when it raised$11 million for this goal. The company has announced that it will focus on maintaining the same quality of operations in countries where it already has a presence.

The company said this is a proactive response to the coming problems and “to avoid exposing the company unnecessarily to the dependency of procuring the next round of investment in the near future, even though market numbers indicate that this is not the right strategy to follow under current circumstances.”

Other exchanges have also announced changes in their recruitment strategies in response to the new direction of the global economic market. Coinbase, a U.S.-based cryptocurrency exchange, recently indicated that it will slow down its hiring process to take advantage during and after the current market downturn.

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