Bitso, one of the biggest cryptocurrency exchanges in Latam, has announced a series of layoffs due to the recent downturn in the cryptocurrency market. The exchange, which has a workforce of 800 workers, has decided to let go of more than 10% of its staff citing a change in the long-term strategy for the company, just when it had announced its expansion to Colombia.
About these layoffs, which cut the employee count by more than 10% for the company, Bitso declared:
Our decisions about the people who work for our company are made based on our long-term business strategy and to support our customers and our strategy as a company.
The exchange also made reference to the speed of the crypto industry as a factor that has made it rethink its abilities and priorities in order to take action swiftly.
Pardo declared that “if crypto had no relevance no one would be talking about it. This is here to stay and care must be taken from the regulatory and educational aspects. You can’t do anything with prices but warn about what needs to be done.”
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