Lemon Cash Lets Go of 38% of Staff to Survive Crypto Winter

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Lemon Cash had to lay off around 100 employ­ees, which con­sists of 38% of the company’s staff, to sur­vive cryp­to win­ter.

The mar­ket is wit­ness­ing a full-fledged bear mar­ket in cryp­to, and the glob­al macro­eco­nom­ic sit­u­a­tion is forc­ing the man­age­ment to rely on extreme mea­sures like lay offs. Lemon Cash, a cryp­to exchange oper­at­ing in Brazil and Argenti­na, announced to lay off 38% of its staff to make the com­pa­ny sus­tain­able with­out the need for new invest­ments in the com­ing years.

Marce­lo Cavaz­zoli, the CEO of Lemon Cash, announced the lay off in a Medi­um post with the title “open let­ter to the com­mu­ni­ty.” He expressed his pain in the let­ter and cit­ed the “chal­leng­ing inter­na­tion­al con­text” for the lay off.

“There is an inter­na­tion­al con­text of which we are a part and to which we have to adapt. The start­up invest­ment mar­ket is in a reces­sive peri­od and we know it will con­tin­ue like this for a while,” states the CEO.

The CEO men­tioned that they have total fund­ing of over $44 mil­lion, which will give them the finan­cial back­ing to sur­vive the long cryp­to win­ter. He fur­ther wrote that they are not forced to this extreme mea­sure due to the recent FTX col­lapse. Recent­ly Meta­plex, an NFT pro­to­col on Solana, had to lay off sev­er­al of its employ­ees due to the indi­rect impact of the FTX contagion.

The Crypto Lay Offs

Lemon Cash is not the only cryp­to exchange to lay off its work­force. Anoth­er Argen­tine cryp­to exchange, Buen­bit, laid off 50% of its staff, con­sist­ing of 80 employ­ees, in May. Coin­base is report­ed to have laid off around 1000 team mem­bers this year. Indi­an Exchange WazirX laid off 40% of its work­force in Oct.

2022 is wit­ness­ing the worst lay offs since Covid. Accord­ing to a CoinGecko report released on Nov. 14, the cryp­to sec­tor saw 4,695 lay offs which makes up 4% of the entire tech industry.

Source: CoinGecko

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