As a result of the recent collapse in the cryptocurrency and stock markets, Buenbit, an Argentinian digital currency exchange, has announced a shift in its employment approach. The corporation would lay off over half of its present personnel, including some top executives, throughout its three regions of operation.
On social media, Federico Ogue, the exchange’s co-founder and CEO, indicated that these adjustments resulted from the IT industry’s current evaluation period. According to Ogue, “Given this new context, we decided to reduce our staff and pause our expansion plan to focus exclusively on operations in the countries where we are present today and maintain a self-sustaining and efficient structure.”
Moreover, Ogue said that this decision was unrelated to the Terra ecosystem’s recent collapse, although the exchange does sell Terra-related services as part of its investment portfolio. It’s a choice that they’ve been discussing for a long period.
This new approach replaces the company’s growth goals outlined at its Series A fundraising round in July 2021, when it received $11 million for this purpose. Instead, the firm said it would concentrate on maintaining the same level of service in the nations where it currently operates.
This move is to prevent the needless exposure of the firm to the necessity of obtaining a new round of investment when the market data show that this is not the best strategy to adopt in the present context, the company claimed.
Due to the changed direction of the global economic markets, several exchanges have declared modifications in their recruiting practices. For example, Coinbase, a cryptocurrency exchange located in the United States, recently announced that it would slow down its recruiting process to better prepare during and after the current market dip.