Crypto Exchange Lemon Cash Lays Off 100 Employees

Octopus Network Announces Mass Layoff Amid Sluggish Market
  • CEO Cavazzoli said that both the Argentine and Brazilian branches were impacted.
  • In July 2021, Lemon closed a Series A fundraising round for $16.3 million.

Citing the difficult economic conditions and the absence of a clear recovery horizon in the venture capital sector, cryptocurrency exchange Lemon Cash said on Thursday that it will be laying off 38% of its workers, or over 100 people. CEO Marcelo Cavazzoli said in an interview that both the Argentine and Brazilian branches were impacted.

When compared to other Latin crypto firms’ responses to the crypto industry’s current position, Lemon’s employment cuts are far more severe. The cryptocurrency exchange Buenbit said in May that 45 percent of its workforce, or around 80 people, will be let go owing to a “global overhaul” in the IT sector. Another exchange, Bitso, fired 80 people in May.

More Strategic Approach

In July of 2021, Lemon closed a Series A fundraising round for $16.3 million headed by the British investment firm Kingsway Capital. According to Thursday’s statement from Cavazzoli, the business has extended the round by $27.8 million, bringing the grand total to $44.1 million.

The majority of the funds were supposed to be used for Lemon’s anticipated growth in Brazil. Cavazzoli added that given the present circumstances, the company’s expansion into the South American nation would be “more strategic and niche.” Plans to expand into Chile, Colombia, Ecuador, Peru, and Uruguay by the end of 2022 were shelved due to the exchange’s delays.

Cavazzoli noted that the exchange does not anticipate collecting the “small sum” that FTX Ventures spent in Lemon in its Series A extension after the company withdrew virtually all of the capital it had deposited in Alameda Research on November 3.

Recommended For You:

Binance CEO CZ Meets Albanian Prime Minister Over Crypto Adoption

A devoted content writer having 3 years of crypto trading experience. Loves cooking and swimming. Stays up to date with the latest developments on blockchain technology.