Brazil’s largest crypto exchange in terms of trading volume, Mercado Bitcoin recently fired around 20 employees between October 15 and October 16. The exchange had of late been carrying out restructuring efforts in order to focus better on governance, professionalization, and to bring about more agility in its customer service. This information pertaining to the layoffs was confirmed by Mercado Bitcoin’s press office.
On conditions of anonymity, four former employees of different hierarchical levels, of the exchange narrated to a local news outlet about what took place. Two of them shared that the President of ABCripto and chief economist of Mercado Bitcoin, Luiz Roberto Calado is no longer associated with the exchange. When the local news outlet reached out to Calado, he first refused to comment on the matter. Later when the news was published, he issued a statement saying that he is still holding office.
The former employees of crypto exchange Mercado Bitcoin who narrated the plight of the sacked employees to the news agency said that there were people who were crying and it was a horrible experience. The dismissals of the senior executives began on October 15. According to reports, when part of the employees arrived to work on October 16, they were divided into two groups and each group was fired by an executive.
Also, the former employees stated that human resources and marketing no longer exist in the company. However, the exchange in its clarification claimed that it has done a restructuring of these areas. The working environment in Mercado Bitcoin had also apparently deteriorated of late. Much of what was being done by the employees earlier began to be shelved which gave rise to suspicions. Also, the volume of work was reducing day by day, as stated in the Portal do Bitcoin report.
Crypto exchange Mercado Bitcoin fired professionals who were hired from other companies less than six months ago. Also, there are employees who have not yet completed two months of being hired. This move of layoffs comes at a time when Brazil’s biggest investment firm, XP Investimentos is launching its XDEX exchange. Earlier this year, Huobi, the world’s second-largest exchange in terms of trading volume also expanded into Brazil, as stated in the CCN report.
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