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Bitso reduces personnel in a new round of layoffs.

2022/11/30 (Nov 30th, 2022 9:36 am)
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A fresh round of layoffs at the Mexican cryptocurrency exchange Bitso has resulted in the termination of an unspecified number of employees, about six months after the termination of about 80 workers.

As part of a strategic restructuring, Bitso “made the difficult decision to reduce its workforce,” the cryptocurrency exchange said in a statement to The Block. The individuals who have left the company are all outstanding professionals who have made significant contributions to Bitso’s goal of making cryptocurrency useful.

Bruno Cavalieri, a former growth content writer for the company who was one of the staff members let go, claimed to be among “dozens” of others on LinkedIn.

The Bitso layoffs were first reported by the Brazilian cryptocurrency publication Portal do Bitcoin, which cited information from former workers to claim that about 100 people were fired in Mexico and Brazil.

posts from fired people Employees of Bitso who have confirmed the layoffs on LinkedIn do so using the hashtag #bitsolayoff in some cases. Product designers, business intelligence analysts, process improvement agents, scrum masters, and customer support analysts are some of the affected employees’ roles.

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Bitso fired 80 workers in May, and parent company 2TM of Mercado Bitcoin fired close to 100 workers in September after firing more than 80 in May.

Following reports that his Argentine-based crypto app company, Lemon Cash, had laid off about 100 people, or 38% of its staff, Marcelo Cavazzoli, the CEO of the company, told The Block on November 24 that he anticipated more fintech layoffs in the Latin American region.

In a statement to The Block, Bitso said, “We evaluate our business priorities on a regular basis and make structural adjustments accordingly.” In order to move even faster to where our clients need us to be, we must constantly remix our high-value skills while keeping in mind the long-term interests of our company, the market, and the industry.

More than 6 million people in Argentina, Brazil, Mexico, and Colombia use Bitso. In line with other cryptocurrency companies like Binance, the company also announced that it intends to publish a solvency report the following month in an effort to allay concerns raised by the failure of the FTX exchange.

According to the company, “Bitso will continue to invest in developing new products to fulfill its mission of making cryptocurrency usable, and ensuring the company maintains its leadership and strength in the region.”

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