Bitso cuts more staff in fresh round of layoffs

Quick Take

  • Mexico-based crypto exchange Bitso made additional cuts to its staff. 
  • Brazilian crypto publication Portal do Bitcoin first reported the layoffs, which several affected employees disclosed on LinkedIn. 

Mexico-based crypto exchange Bitso has let go of an unspecified number of workers in a fresh round of layoffs, about six months after cutting about 80 employees.

"Bitso made the difficult decision to reduce its workforce as part of a strategic restructuring," the crypto exchange told The Block. "The people who are no longer with the company are all great professionals who had contributed in many ways to Bitso’s mission of making crypto useful."

Bitso declined to specify the number of affected employees and in which countries it was cutting teams. One of the staff members cut, Bruno Cavalieri, formerly a growth content writer for the firm, said on LinkedIn he was among "dozens" cut.

Brazilian crypto publication Portal do Bitcoin first reported the Bitso layoffs, saying about 100 people were let go in Mexico and Brazil, citing information from former employees. The firm may have had between 500 and 600 employees, Portal do Bitcoin reported.

Posts from laid-off Bitso employees on LinkedIn confirm that the crypto exchange let go of several workers, with some using the hashtag #bitsolayoff. Roles of some affected employees include product designer, business intelligence analyst, process improvement agent, scrum master and customer support analyst.

Bitso and its Latin America-based peers have made sizable cuts this year in light of the crypto ma