Lemon Cash, a crypto exchange with operations in Argentina and Brazil, cut 38% of its workforce – about 100 employees – on Thursday, citing the challenging industry environment and the lack of a clear recovery horizon in the venture capital market.

The job losses at Lemon trump those at other Latin crypto companies as they respond to the state of the industry. In May, Buenbit laid off 45% of its staff, some 80 employees, due to what the crypto exchange called the “global overhaul” in the tech industry. Bitso, another exchange, also laid off 80 employees in May.

(by Andrés Engler)