Leading Latin American crypto exchange Bitso lays off 80 employees

Leading Latin American crypto exchange Bitso lays off 80 employees

The company, which employed more than 700 people before the cuts, has four million users in the region.

Latin American crypto exchange Bitso laid off 80 employees on Thursday, the company told CoinDesk.

"Our decisions about the people who work in our company are made based on our long-term business strategy and in support of our customers and our strategy as a company," Bitso said in a statement.

Bitso, which had more than 700 employees before the layoffs, still lists more than 60 open positions on its jobs page.

In its statement, the company cited the need to rethink the skills needed by employees to move faster in the crypto industry as the reason for the layoffs. It did not mention any difficulties in raising capital.

The layoffs at Bitso come two days after Argentine crypto exchange Buenbit laid off 45% of its staff - or about 80 employees - due to the "global upheaval" the tech industry is facing, according to its CEO Federico Ogue.

Bitso has more than four million users in Mexico, Argentina, Colombia and Brazil. The company told CoinDesk in January that it aims to become the largest exchange in Brazil by the end of 2022. In Brazil, Bitso competes with local crypto exchange Mercado Bitcoin, which is the market leader with more than four million customers.

Bitso's last investment round took place in May 2021, when it raised $250 million at a valuation of $2.2 billion, becoming the first Latin American crypto unicorn.