Argentine cryptocurrency exchange Buenbit announced a change in hiring strategy due to the recent downturn faced by the cryptocurrency and stock market.
Buenbit plans to lay off half of its employees in three countries, including top executives, to maintain efficiency levels. Federico Ogue, co-founder and CEO of the exchange, said that the cuts are a result of the tough challenges the industry has faced:
Given the new context we have had to face, we have decided to cut staff and freeze expansion plans to focus exclusively on operations in the countries where we operate.
This move will allow us to maintain a self-sufficient and efficient structure for the duration of the crisis.
The businessman assures that the cuts have nothing to do with the recent collapse of the Terra ecosystem. Despite the fact that Buenbit offered Terra-related services as part of its investment portfolio. According to Federico Og, the exchange has been working on a staffing decision for the past few months to adjust future plans. Such changes are typical for cryptocurrency startups, he assured.
The company says that it is preparing for the next investment round, and the staff reduction will allow a more realistic assessment of the site’s ability to allocate funds to provide investors with real numbers.