Brazilian exchange Mercado Bitcoin announces new wave of layoffs
LATAM and cryptocurrency companies around the world are being negatively impacted by the recent downturn in the crypto and traditional markets. Mercado Bitcoin, a cryptocurrency exchange based in Brazil, has announced the execution of a series of layoffs due to the global economic conditions. Mercado Bitcoin laid off 15% of its workforce on September 1, as part of a series of measures taken by the exchange’s holding company, 2TM, which was directed to streamline operations, according to local media. was. In a statement, the company also criticized the Brazilian government for sidestepping discussion of a cryptocurrency bill in favor of activities related to the upcoming general election. Mercado Bitcoin said:Adversity continues in the economy, and the competitive environment continues to deteriorate and [is] Unreasonable without the approval of the legal framework for cryptocurrency assets, with players adhering to laws penalizing companies that ignore local regulations.
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This is the second time the company has decided to lay off employees in less than three months. The first wave of layoffs was executed in June when the company laid off 90 employees with the aim of maintaining its operations in the future. At the time, the company said the move was part of a series of “adjustments” that went beyond simply reducing their operating expenses. This time, as well as during the first wave of layoffs, ex-workers will receive benefits packages to help them look for new jobs, and medical insurance will continue. Other exchanges in LATAM have also fired some of their personnel to reduce their expenses. The same is the case with Mexico-based exchange Bitso and Argentinian exchange Buenobit, both of which have to reduce their workforce to avoid the current market downturn. Mercado Bitcoin received a $200 million investment from SoftBank in July 2021, reaching unicorn status in one of the largest funding rounds ever seen by LATAM. Later, in December, the exchange announced the closure of a second Series B funding round, which included an additional $50 million in investment. What do you think about the second wave of layoffs executed by Mercado Bitcoin? Tell us in the comments section below.image credit: Shutterstock, Pixabay, WikiCommons, Wirestock Creators / Shutterstock
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