Crypto exchange Bitso lays off 80 employees, CoinDesk reports

Latin American crypto exchange Bitso laid off 80 members of staff on Thursday, CoinDesk reported. 

Bitso had more than 700 employees before the layoffs and still lists more than 60 open jobs on its website, according to the report, which cited a statement from Bitso.

“Our workforce decisions are made in the long-term interest of our business, to best support our clients and our strategy as a company,” a Bitso spokesperson told The Block in an emailed statement. “We work in a fast-paced industry that requires us to constantly remix our high-value skills, so we can move even faster to where our clients need us to be, taking into consideration the market and industry long-term development.”

The company did not specify which types of positions it is cutting.

The Gibraltar-registered exchange has more than 4 million users in Latin America, across Mexico, Brazil and Argentina. It officially launched its trading app in Colombia just last week. 

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The company closed a Series C fundraising round in May 2021 at a valuation of $2.2 billion. Tiger Global and Coatue Management co-led the $250 million round, which finished just a few months after Bitso announced its Series B. 

Editor’s note: This story was updated with Bitso’s comment.