lemon cash had denied last week that it would be seen shocked due to the collapse of the exchange FOOTX of cryptocurrencies. However, long before the firm he led Sam Bankman-fried the Exchange was an investor of the Argentine fintech.
At the beginning of this 2022, FTX had received as minority investor in an extension of the investment round it carried out lemon cash which, as far as I could find out bloomberg linestill has own funds held on the exchange which filed for bankruptcy in early November.
This added to the funding crisis that startups go through due to the rise in Federal Reserve interest rates that force venture capital to bet on conservative assets put the Argentine fintech in an uncomfortable position.
How the new digital wallet that refunds 2% of spending on cryptocurrencies works
apart from reducing 38% of your staff will have to promote measures to increase transparency after the collapse of FTX that hurt investor confidence of the crypto world.
Marcelo CavazzoliCEO of lemon cashI accept that the decision to reduce the workforce was “very difficult” but that it will allow the company to face the next three years without having to depend on future investments in a context of very low global liquidity.
Argentine fintech will pay up to 7% per year to save in cryptocurrencies
In an exclusive interview with bloomberg lineCavazzoli explained that about 100 people will be affected by the cut. In Lemon they work 273 people and apply to Argentina and Brazil.
These structural changes They are not made from one day to the next”, added Cavazzoli who said that they are also explained by the global liquidity crisis that affects startups and the technological industries generally.
The main measures you will take lemon cash son: reduce a 38% your template for more agility to your way makes the Web3; restructure cashback towards a scalable model in the long term and redefine the “Lemon Earl” with a system of DEF protocolsiya user choice.
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