Cryptocurrency exchange Lemon Cash, operating in Argentina and Brazil, announced that it laid off 38 percent of its workforce due to the challenging conditions in the crypto market and the lack of a clear recovery expectation in the venture capital market. It was noted that the number of dismissed corresponds to about 100 employees. Lemon Cash CEO Marcelo Cavazzoli pointed out that both Argentina and Brazil offices were affected by the shrinkage.
Cavazzoli also stated in his statement on the subject that they do not yet know when the venture capital market will recover. In July 2021, Lemon Cash raised $16.3 million in an investment round led by Kingsway Capital. The company later added $27.8 million to this financing, bringing its total funding to $44.1 million.
Cavazzoli stated that the increased funding will help them get through the crypto winter and they will not need more investment in the next few years. The company CEO also “It’s great if the market recovers sooner, but otherwise we won’t have to pursue investment” said.
Lemon Cash has 1.6 million users in Argentina
On the other hand; Lemon Cash was essentially aiming to spend all the funding raised for its growth plans in Brazil. However, in the current market conditions, this plan was reconsidered. Similarly; Plans to start operations in Chile, Colombia, Ecuador, Peru and Uruguay by the end of 2022 have also been pushed back.
Founded in Argentina in 2019, the stock exchange currently has 1.6 million users in the country.