Argentina-based crypto app Lemon Cash has laid off about 100 people, 38% of staff, marking the latest round of cuts in the region.
Lemon Cash CEO Marcelo Cavazzoli said the Latin America fintech industry could continue to see further layoffs as companies adjust to a difficult market and funding environment. Crypto-specific companies might have an easier time due to having higher margins, he added.
"Companies that are not adjusting now, they will adjust when they try to fundraise in the, let's say, the next 12 months, 10 months," Cavazzoli said. "They will be even in a worse situation because they will have less runway left and it's going to be even harder."