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Argentine Crypto Exchange Lemon Sheds Roughly 100 Jobs, Citing Challenging Industry Conditions

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.lemonapp_ar, a crypto exchange with operations in Argentina and Brazil, cut 38% of its workforce – roughly 100 employees – on Thursday, citing the challenging tech and venture capital context as reasons. andresengler reports

“We do not know when the venture capital market will recover, and even less so for a company in a hyper growth stage between a Series A and a Series C,” Cavazzoli said.$16.3 million in a Series A funding round led by British fund Kingsway Capital. The company has extended the round, adding $27.8 million and elevating the total to $44.1 million, Cavazzoli said Thursday.

Lemon had planned to deploy almost the entire amount on its expansion in Brazil. Given the current context, its move into the South American country will be “more strategic and niche,” Cavazzoli said. The exchange put plans to expand into Chile, Colombia, Ecuador, Peru and Uruguay by the end of 2022 on the back burner.

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