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Brazil's largest bitcoin exchange fired more than 20 employees

The Brazilian exchange Mercado Bitcoin fired more than 20 employees

Mercado Bitcoin, the largest cryptocurrency exchange in Brazil recently laid off at least 20 employees as part of restructuring aimed at enhancing professionalism and betterment governance in customer service.

Local news outlet Portal do Bitcoin took comments from four former employees that served at different hierarchical levels. One noted it that there were people crying over the occurrence.

Former employees of the exchange said that the management started to fired people on 15 October. The company explained their actions by the need for changes in marketing and human resources departments.

Local media say that the departments, in which reductions were made, were also closed. The management has notified employees that the company needs to reduce their own structures due to the impossibility of paying bills.

This decision was quite predictable, because in recent months, the situation around Mercado Bitcoin gradually worsened. According to one of the dismissed employees, creating processes and presentations did not lead to positive results. Speed drastically decreased: realization any errands were delayed for a couple of days. Many employees didn't do anything useful. The ex-employee also added that the reduction affected only those who were hired within the last six months. Some of the staff worked on the stock exchange less than two months.

Mercado Bitcoin is the largest bitcoin exchange of Brazil, through which passes 30% of the Brazilian market’s volume. In September, the trading volume of the platform amounted to 4150 BTC, and in October — 1965 BTC. That is why the massive layoffs has received so much publicity.

Portal do Bitcoin also found out that the leadership of the Mercado Bitcoin deals with changes in its own structure since the beginning of 2018, hoping thus to improve the quality of the user experience. This month the restructuring touched only marketing, personnel and administrative departments, while other divisions continue to work as usual.

The exchange operator said:

"Mercado Bitcoin does not disclose information relating to the financial and personal data, however, hastens to note that the real number of the dismissed employees significantly less than 20 people, if we include consultants and other service providers".

It is noteworthy that Bitcoin Mercado is trying to improve its position in the background of the launch of XDEX cryptocurrency exchange, owned by the largest Brazilian-owned investment company, XP Investimentos. In addition, Huobi, the world’s second-largest exchange by trading volume, also came to the Brazilian market earlier this year.


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