Argentina: Crypto Exchange Buenbit Announces Layoffs

Buenbit, an Argentinian crypto exchange that also operates in Mexico and Peru, has announced layoffs due to the sagging market.

In a series of Tweets, founder Federico Ogue revealed the news.

VC Matias Nisenson joined in the discussion to outline how collapsing markets have impacted the ability of early-stage firms like Buenbit to raise needed growth capital.

Nisenson said that investors are pumping the breaks on risk and looking to invest in firms that may be growing less fast but are profitable.

Buenbit is just the latest example of firms announcing layoffs due to the faltering economy. Expect more to follow as inflation continues to rise alongside interest rates and the potential for a recession grows.

 

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