Latam Crypto Exchange Bitso Announces Layoffs Amid Colombia Expansion – Bitcoin News

Bitso, one of the largest cryptocurrency exchanges in Latam, has announced a series of layoffs due to the recent downturn in the cryptocurrency market. The stock exchange, which has a workforce of 800 workers, has decided to lay off more than 10% of its workforce, citing a change in the company’s long-term strategy, just as it had announced its expansion to Colombia.

Crypto Exchange Bitso lays off more than 10% of its employees

Bitso, one of the first cryptocurrency unicorns in Latam, has announced that it is taking steps to keep the company running during the current market downturn. The Mexico-based stock exchange announced a series of layoffs that will affect its presence in the 35 countries where it has operations. According to local media, the exchange will lay off 80 employees out of its total workforce of 600 employees, with most of the layoffs taking place in Mexico.

On these layoffs, which reduced the headcount of employees by more than 10% for the company, Bitso stated:

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 cited the speed of the crypto industry as a factor that has caused it to rethink its capabilities and priorities in order to act quickly.

Layoffs and Expansion

The company, which recently announced its entry into the Colombian market, denied that these layoffs have any effect on its expansion goals for the time being. Earlier this month, Emilio Pardo, the company’s general manager for Colombia, stated that while the market is uncertain at the moment, the cryptocurrency market is an established industry with set goals.

Pardo declared that “if cryptocurrencies were not relevant, nobody 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 the prices but warn about what needs to be done”.

Bitso is not the only exchange in Latam facing this type of difficulty. Buenbit, an Argentine exchange, also announced a change in its hiring and expansion strategy, revealing that it would be laying off some of its staff. Local sources stated that almost half of the company’s employees were fired, including some executives. Coinbase, a US-based crypto exchange, has also revealed that it is slowing down its trading strategies during this market downturn.

What do you think of the Bitso layoffs? Tell us in the comments section below.

Serge Goshchenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as someone who was late to the game, entering the cryptosphere when the price spike occurred in December 2017. With a background in computer engineering, living in Venezuela and being impacted by the rise of cryptocurrencies on a social level, offers a different point of view. about the success of cryptocurrencies and how he helps the unbanked and underserved.

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