The purpose for the layoffs is due to the slowdown in the venture capital marketplace, mentioned Marcelo Cavazzoli, CEO of the Lemon Cash app.
Lemon Cash, a cryptocurrency exchange working in Argentina and Brazil, has lower 38% of its workforce – all around one hundred staff, amid a complicated setting and lack of recovery momentum.
Lemon’s layoffs seem to be tougher than other Latino crypto companies. In May, Buenbit and Bitso gutted 80 staff.
In July 2021, Lemon raised $sixteen.three million in a Series A round led by United kingdom fund Kingsway Capital. Subsequently, the enterprise raised an extra $27.eight million, bringing the complete capital raised to $44.one million.
Lemon ideas to use practically all of the cash to broaden the Brazilian marketplace and attain Chile, Colombia, Ecuador, Peru and Uruguay by the finish of 2022.
After Nov. three, when CoinDesk leaked the economic hyperlink concerning FTX and Alameda, Lemon withdrew most of the cash invested in Alameda Research, leaving only “a small amount” that FTX Ventures had paid to Lemon in the extended round of the Series A. However, Cavazzoli additional that his enterprise is prepared to shed that cash.
Lemon launched evidence of reserve and auditor licensed debt final week. The exchange will quickly record evidence of crypto debt on the platform.
The enterprise, founded in 2019, now has one.six million customers in Argentina and has issued 760,000 prepaid crypto cards.
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