Crypto exchange Buenbit lays off half of its employees

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Argentinian cryptocurrency exchange Buenbit has announced a change in hiring strategy due to the recent downturn faced by the crypto and stock markets.

Buenbit plans to lay off half of its employees in the three countries, including senior executives, in order to maintain efficiency levels, Bloomberg Linea reported .The exchange's co-founder and CEO, Federico Ogue, said the reduction is a consequence of the tough challenges the industry is facing:

"Given the new context we had to face, we have decided to reduce staff and freeze expansion plans in order to focus solely on operations in the countries where we operate.This step will make it possible to maintain a self-sufficient and effective structure during the crisis."

The businessman assures that the cuts have nothing to do with the recent collapse of the Terra ecosystem.Despite the fact that Buenbit offered services related to Terra as part of the investment portfolio.According to Federico Og, the exchange has been working on a staffing decision over the past few months to adjust further plans.Such changes are typical for cryptocurrency startups, he assured.

The company says that it is preparing for the next investment round, and the reduction of staff will allowIt is more realistic to assess the platform's ability to distribute funds in order to provide investors with real figures.

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Earlier, the CEO of the cryptocurrency platform Robinhood, Vlade Tenev, reported that the company was laying off about 350 of its employees amid a fall in the company's shares.