Buenbit, an Argentinian cryptocurrency exchange, has announced a change in its hiring strategy due to the recent downturn that the cryptocurrency and stock markets are facing.
Buenbit will be laying off almost half of its current workforce across the three countries where it operates, including some senior executives.
Federico Ogue, co-founder and CEO of the exchange, stated on social media that these changes were the consequence of the tech industry facing a review phase.
Ogue added that the move had nothing to do with the recent collapse of the Terra ecosystem, even though the exchange did offer Terra-related services as part of its investment portfolio.
The new strategy ends the expansion plans the company had revealed during its Series A financing round, which raised $11 million for this goal in July 2021.
Other exchanges have also announced changes in their hiring strategies due to the new direction of the global economic markets.
Coinbase, a U.S.-based cryptocurrency exchange, recently noted it would slow down its hiring process to be in a better position during and after the current market downturn.
