The reason for the layoffs is because the venture capital market has slowed down, said Lemon Cash app CEO Marcelo Cavazzoli.

Exchanges Lemon Cash for 100 employees to quit

Lemon Cash, an exchange operations in Argentina and Brazil, has cut 38% of its workforce – around 100 employees, amid a challenging backdrop and lack of recovery momentum.

The layoffs at Lemon seem to be more serious than the companies Other Latin. In May, Buenbit and Bitso gutted 80 employees.

In July 2021, Lemon raised $16.3 million in a Series A round led by UK fund Kingsway Capital. The company then raised another $27.8 million, bringing the total raised to $44.1 million.

Lemon has planned to deploy almost all the money to expand the Brazilian market and hit Chile, Colombia, Ecuador, Peru and Uruguay by the end of 2022.

After November 3, when CoinDesk leaked the financial connection between and Alameda, Lemon withdrew most of the money invested in , leaving only "a small number" that Ventures poured into Lemon in an expanded Series A round. However, Cavazzoli added that his company is willing to lose that money.

Lemon released Proof-of-Reserves and auditor-certified debts last week. The exchange will soon list proof of debts in on the platform.

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The company, founded in 2019, now has 1.6 million users in Argentina and has issued 760,000 prepaid crypto cards.

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