Argentinian Crypto Exchange Lemon Cash Lays Off 38% Of Employees Due To Market Impact
Cryptocurrency exchange Lemon Cash lays off 38% of employees citing market pressure and the uncertain future of the venture capital market. The impact of the crash of FTX is spreading to the crypto industry, leaving many companies and projects in dire straits.
According to Coindesk, the Argentine crypto exchange Lemon Cash has announced the layoffs of 38%, around 100 employees, citing the challenging industry environment and the lack of clear recovery prospects in the venture capital market.
CEO Marcelo Cavazzoli said in an interview that both offices in Argentina and Brazil were affected.
In July 2021, Lemon completed a $16.3 million Series A funding led by UK fund Kingsway Capital. On November 3, Lemon withdrew almost all of its investment in Alameda Research, leaving only “a small portion” invested in Lemon by FTX Ventures.
Cavazzoli said the exchange does not expect to recover the funds. Additionally, Lemon issued auditor-confirmed reserve and debt certificates last week.
Founded in 2019, Lemon has 1.6 million users in Argentina and has issued 760,000 prepaid crypto cards.
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