El exchange Buenbit, which operates in Argentina, Mexico and Peru, lays off many of its staff, but has no connection to the ecosystem crisis. EARTH.
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- 50% of Buenbit staff laid off
- The exchange operates in Argentina, Mexico and Peru
- Buenbit CEO says it’s not Terra’s fault for crisis
Buenbit a exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Argentine cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. exchange that also operates in Peru and Mexico, announced a series of layoffs due to the recession currently facing the traditional and crypto markets. According to information from Bloomberg these would reach half of the staff they had hired, including some executives.
The co-founder and CEO of Buenbit, Federico Ogue, clarified in Twitter that this decision has nothing to do with the recent collapse of the ecosystem. Earth, even if the exchange had the currency currency is a medium of exchange that defines value. listed. He added that from now on, the exchange will focus on maintaining operations in countries where it already has an established presence. He made it clear that the intention is to be more efficient.
Here are his words:
Dear community,
Today I come to tell you some news that hurts me a lot. Given a new global context, we are redefining our strategy to become more robust and efficient, and I want to tell you about it in this thread.— Federico Ogue (@fedeogue) May 23, 2022
In the thread he continues to explain: “After a 2021 of exponential growth for the technology industry, we find ourselves moving into a global overhaul.” He adds:
“Given this new context, we decided to reduce staff and put our expansion plan on hold in order to concentrate exclusively on the operation of the countries where we are present today and maintain a self-sustaining and efficient structure”.
It clarifies: “ This has nothing to do with what happened with UST/Terra. It’s a decision we’ve been working on for months.
He concludes: “ We will continue to do our best to continue generating value to the thousands of users who trust a trust is a fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary. us”.
Expansion plans halted
According to reports, this new strategy puts an end to the expansion plans the company had unveiled during its Series A funding round, which raised USD $11 million towards this goal by July 2021 . At that time the countries targeted for expansion were Peru, Colombia, Brazil and Mexico.
The company said this was a proactive response to a looming problem, “to avoid, in the near future, unnecessarily exposing the company to the dependence on raising the next round of investment, when the market an area or arena, online or offline, in which commercial dealings are conducted. figures indicate that this is not the case. the right strategy to follow in the current context.”
Other exchanges have also announced changes in their sourcing strategies due to the new direction of global economic markets. For example, Coinbase is an American company that operates a cryptocurrency exchange platform. recently signaled that it would slow down its hiring process to be in a better position during and after the current market downturn, Bitcoin.com reported. In fact, in its annual balance sheet two weeks ago, the U.S.-based exchange recognized for this first quarter of 2022 recorded losses equivalent to about USD $1.33 billion. This is compared to the income derived between October and December of last 2021.
Sources: Twitter, Bloomberg Línea , Bitcoin.com, archivo
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