Bitso had more than 700 employees before the layoffs and still lists more than 60 open jobs on its website, according to the report, which cited a statement from Bitso.
“Our workforce decisions are made in the long-term interest of our business, to best support our clients and our strategy as a company,” a Bitso spokesperson told The Block in an emailed statement. “We work in a fast-paced industry that requires us to constantly remix our high-value skills, so we can move even faster to where our clients need us to be, taking into consideration the market and industry long-term development.”
The company did not specify which types of positions it is cutting.
The Gibraltar-registered exchange has more than 4 million users in Latin America, across Mexico, Brazil and Argentina. It officially launched its trading app in Colombia just last week
The company closed a Series C fundraising round in May 2021 at a valuation of $2.2 billion. Tiger Global and Coatue Management co-led the $250 million round, which finished just a few months after Bitso announced its Series B.
