Argentine Crypto Swap Lemon Sheds Roughly 100 Jobs, Citing Tough Industry Prerequisites

Argentine Crypto Swap Lemon Sheds Roughly 100 Jobs, Citing Tough Industry Prerequisites

CoinDesk - Unknown

Andrés Engler is a CoinDesk editor based in Argentina, where he covers the Latin American crypto ecosystem. He holds BTC and ETH.

Lemon Money, a crypto switch with operations in Argentina and Brazil, lower 38% of its physique of workers – about 100 workers – on Thursday, citing the harsh industrial atmosphere and the dearth of a sure restoration horizon within the venture capital market.

Both Argentine and Brazilian offices were affected, CEO Marcelo Cavazzoli acknowledged in an interview.

The job losses at Lemon trump those at assorted Latin crypto companies as they reply to the converse of the industrial. In Could, Buenbit laid off 45% of its physique of workers, some 80 workers, ensuing from what the crypto switch called the “global overhaul” within the tech industrial. Bitso, one other switch, also laid off 80 workers in Could.

“We don’t know when the venture capital market will enhance, and even much less so for a firm in a hyper growth stage between a Series A and a Series C,” Cavazzoli acknowledged.

In July 2021, Lemon raised $16.3 million in a Series A funding round led by British fund Kingsway Capital. The firm has extended the round, adding $27.8 million and elevating the total to $44.1 million, Cavazzoli acknowledged Thursday.

“That extension presents us the backbone to bag in the course of the frigid climate that we eye coming at an investment stage,” he acknowledged. “We’re no longer reckoning on more investment for the next few years. If the market recovers sooner, huge, but or no longer it’s no longer one thing we are going to plod after.”

Lemon had planned to deploy nearly your entire amount on its growth in Brazil. Given the sizzling context, its pass into the South American country will be “more strategic and area of interest,” Cavazzoli acknowledged. The switch place plans to make bigger into Chile, Colombia, Ecuador, Peru and Uruguay by the damage of 2022 on the motivate burner.

On Nov. 3, following CoinDesk’s revelations on the monetary links between FTX and Alameda, Lemon withdrew nearly in regards to the total funds it invested in Alameda Compare, leaving handiest a “minute amount” that FTX Ventures had invested in Lemon in its Series A extension, Cavazzoli acknowledged, adding that the switch would no longer ask to recoup that cash.

Cavazzoli acknowledged Lemon released a proof of reserves and a proof of liabilities certified by an auditor and a scribe final week, whereas on Wednesday it added a dwell reserving check on its app. Coming quickly, the manager added, Lemon will introduce a crypto-based proof of liabilities.

In addition to, Lemon plans to command handiest completely decentralized protocols for its compose product, allowing users to resolve their most traditional protocol for investing their sources, Cavazzoli acknowledged.

The firm, based in 2019, has 1.6 million users in Argentina and already issued 760,000 pay as you hasten crypto cards.


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CoinDesk - Unknown

Andrés Engler is a CoinDesk editor based in Argentina, where he covers the Latin American crypto ecosystem. He holds BTC and ETH.

CoinDesk - Unknown

Andrés Engler is a CoinDesk editor based in Argentina, where he covers the Latin American crypto ecosystem. He holds BTC and ETH.