According to Coindesk, the Argentine cryptocurrency exchange Lemon Cash has announced 38% layoffs, or approximately 100 employees, citing the challenging industry environment and a lack of clear recovery prospects in the venture capital market.
In an interview, CEO Marcelo Cavazzoli stated that both Argentina and Brazil offices were affected.
Lemon completed a $16.3 million Series A funding round led by UK fund Kingsway Capital in July 2021. On November 3, Lemon withdrew almost all of its investment in Alameda Research, leaving FTX Ventures with only "a small portion" invested in Lemon.
As per Cavazzoli, the exchange does not expect to recover the funds. Last week, Lemon also issued auditor-confirmed reserve and debt certificates.
Lemon, which was founded in 2019, has 1.6 million users in Argentina and has issued 760,000 prepaid crypto cards.