The CEO and co-founder of Argentinian cryptocurrency Buenbit, Federico Ogue, recently announced that the exchange had a series of layoffs. However, he clarified that the move had no relation to the Terra ecosystem crisis. But it had something to do with the present decline in conventional and crypto markets.
A series of layoffs
The exchange said it will employ a change in its employment strategy. Which is due to the recent falls in the cryptocurrency and stock markets.
Ogue stated on social media that these changes were a result of the IT sector through a review period.
Querida comunidad,
Hoy les vengo a contar una noticia que me duele mucho. Dado un nuevo contexto global, estamos redefiniendo nuestra estrategia para volvernos más robustos y eficientes, y quiero contártelo en este hilo.— Federico Ogue (@fedeogue) May 23, 2022
According to some estimates, the corporation’s series of layoffs would affect over half of its present personnel. This includes some top executives, throughout its three regions of operation.
He added in his tweet that the decision to reduce their staff and pause their expansion plan is because they want to focus exclusively on operations in the countries where they are currently present and maintain an autonomous and efficient structure.
Nothing to do with Terra
Ogue also said that the decision had nothing to do with the recent collapse of the Terra ecosystem, even though the exchange’s investment portfolio included Terra-related businesses.
“This decision [has been] discussed for months. This change may be [seen] across the startup industry.”
This new approach replaces the growth goals announced at the company’s Series A fundraising round in July 2021, which raised $11 million for this purpose.
The company stated that this was a proactive response to an impending issue of the company’s unnecessary exposure because of its dependence on specific investments.