The Buenbit app allows you to buy and sell cryptocurrencies from any cell phone.
Cryptocurrencies are accompanied by high volatility and volatility in their price can degrade many structures. One of the victims left by the recent crypto crash is the local exchange goodbit, that in the last hours removed 50% of its staff and began a reorganization plan.
After the shock the market experienced last week, the company reduced its staff in Argentina and, as detailed in a statement, is rearranging its structure.
“After 2021 of exponential growth for the technology industry, we have seen ourselves undergoing a phase of global adjustment and reviewwhere from the largest company to the smallest are forced to redefine their strategy ”, they pointed out from Buenbit.
The trigger was the price of Bitcoin falling to its lowest point since 2020, less than $ 30,000.
“Now I am here to tell you a news that I am very hurt. Given a new global context, we are redefining our approach to be more robust and efficient, and I want to tell you about it in this thread ”, he commented. Federico Oguefounder of Buenbit, in a Twitter thread.
“Given this new context, we decided to reduce staff and pause our expansion plan to exclusively focus on the operations of the countries where we are now and maintain a self-sustaining and efficient structure,” he added. niya.
The storm was triggered by the crash of Luna, the cryptocurrency meant to catalyze the unstable TerraUSD, designed to keep a constant parity in one dollarbut has fallen to less than 40 cents in recent weeks.
Unexpectedly, Luna dropped from nearly $ 120 in early April to less than a cent on Thursday of last week, an event so sad that its developer was forced to cease its chain operations.
This debacle has resulted in the accelerated decline of other virtual currencies such as Bitcoin and Ether. However, Ogue assured that “it has nothing to do with what happened at UST/Terra“and that” it’s a decision we’ve been working on for months “.
The collapse of the crypto market
Buenbit, one of many exchanges hit by cryptocrash.
People are betting on these stablecoins because they regard them as a more reliable medium of exchange, as they are usually pegged to an asset such as the US dollar and have little change in value.
In fact, various rumors in recent days indicate that some exchanges have “benefited” from the protocol. Angklawhich offered 20% per year to UST, which has lost parity with the greenback and is now worth hundredths of a dollar.
Buenbit offers this investment instrument to usersBut this is not the only one.
In addition, they said that “we reviewed all possible scenarios and decided pause our expansion plan to focus exclusively on the operation of the countries in which we are present today; focuses on creating a safe, stable and affordable product for people’s finances. ”
“With an eye to what’s to come, we will move forward with an optimized and sustainable structure, allowing us to redefine our plans to continue generating value for the thousands of users who trust to us, ”the statement highlights, proving that it will reduce staff to deal with what is to come.
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Source: Clarin
