Argentinian encryption app Lemon Cash cuts 38% of its staff and has completed a $27.8 million Series A expansion this year

According to The Block, Argentine cryptocurrency app Lemon Cash has laid off about 100 people, accounting for 38% of its total workforce. Lemon Cash also revealed that it also completed a US$27.8 million Series A expansion round this year, with DST Global, Valor Capital, GoodWater Capital, CMT Digital and Cadenza participating in the investment, and the total A round of financing reached US$44 million. Additionally, Lemon Cash CEO Marcelo Cavazzoli stated that FTX Ventures participated in a very small percentage of its Series A extension round, and that Lemon also holds a paltry sum in Alameda that it does not expect to recoup. However, the FTX debacle had no effect on Lemon users. Lemon Cash allows users to trade cryptocurrencies, allows them to hold cryptocurrencies to earn income, and also issues a Visa card that allows users to automatically convert cryptocurrencies into local currency.