Twenty Employees Get Axed In Brazil's Mercado Bitcoin Exchange

Twenty Employees Get Axed In Brazil's Mercado Bitcoin Exchange

October 22, 2018


Mercado Bitcoin laid off twenty people in an effort to restructure the platform which was reported by Portal do Bitcoin. Mercado justified this as an effort to improve its governance, enhance professionalization, and focus on its services to clients. Responding to request from the news outlet, the exchange replied saying,

Regarding financial and personal data, Mercado Bitcoin does not disclose its information to the market. However, clarifies that the number of people leaving the company in October is significantly lower as indicates. Reaching 20 people only if we include consultants and other service providers.

Portal does Bitcoin even spoke to four of the ex-employees who were from different hierarchical levels. The ex-employees said that the experience was horrible and that some of the employees even broke out into tears. According to one of the ex-employee, the company started laying off senior executives earlier this week, i.e. October 15, 2018.

This move has seemed to gain the attention of the media due to the sheer size of the platform. In September 2018, the platform traded a total of 4150 bitcoins, while this to-date, the platform has traded almost 2000 bitcoins. To put things in perspective, this is one-third of Brazil’s total Bitcoin trade volume.

Competition And Lawsuit

The decision from Mercado Bitcoin follows XP Investimentos, the largest investment company in Brazil plans to launch XDEX. If that wasn’t enough for Mercado Bitcoin, Huobi, world’s second largest cryptocurrency exchange is branching out services into Brazil.

To top this off, last week, the platform lost a pivotal case against a bank. As the country’s banks have the power to close cryptocurrency accounts without breaking the law. Hence the company justifies by restructuring to stay ahead of the competition and provide its user base better services.

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