Argentinian cryptocurrency exchange Buenbit has laid off approximately 45% of its workforce, affecting around 80 employees, as part of a restructuring effort in response to the broader tech industry downturn. The company, which operates in Argentina, Mexico, and Peru, now has a team of 100 people. This significant reduction, announced in May 2022, is aimed at achieving a self-sustaining business model by focusing on existing markets and halting previous expansion plans into countries like Colombia and Brazil. The decision, unrelated to the collapse of UST and Luna, reflects the challenging funding environment and a strategic shift toward efficiency amid a changing macroeconomic landscape.
