Lemon, a cryptocurrency startup, laid off 38% of its workforce in Argentina and Brazil in November 2022. The decision, announced by co-founder and CEO Marcelo Cavazzoli, was driven by a challenging market environment characterized by falling crypto prices, reduced venture capital funding, and the broader industry downturn. Cavazzoli emphasized the move was a strategic step to make the company more sustainable and less dependent on future funding rounds, aiming to ensure agility during a prolonged bear market. He clarified that the layoffs were unrelated to the collapse of FTX, though Lemon had previously withdrawn user funds from the platform as a precaution. The restructuring reflects the intense pressures faced by crypto startups during this period of industry consolidation.
