Brazil’s Largest Crypto Exchange Fired Twenty of Its Worker

Oct 21, 2018 at 19:30 Update Date :Feb 27, 2019 at 07:46 UTC

Mercado, Brazil’s largest cryptocurrency exchange fired its twenty employees in order to restructure the platform.

As per Portal do Bitcoin which is a local news outlet, the exchange aimed to enhance its governance, professionalization and to focus more on the services to its customers.

The outlet talked to the fired employees of the platform. The employees who served at multiple levels said that they’re indeed very sad about this incident. According to them, it is a horrible experience. Some of them cried after over the happening.

One of the ex-employee said that the platform fired off its senior-most executive. This all started on 15th of October and other people laid off on 16th of October.

On covering the issue, the firm is saying that this decision is to reconstruct the human resources and other departments. The departments which were associated also shut down after the layoff. Some of the ex-employees predicted this to happen because the environment of the firm was collapsing.

The firm spent most of the productive time in getting placed. The workload was reducing and over the past two months, the trading volume of the firm has been decreasing.

The exchange fired off staff which was employed a few months back. Some of the members started working six months ago, while the majority of the fired staff started working two months ago. This sudden move has got the attention of media because the firm is already too popular and currently the largest digital trading platform in Brazil.

This sudden layoff came at a time when XP Investimentos, Brazil’s biggest investment firm, is planning to execute its XDEX crypto exchange. The world’s second largest crypto exchange, Huobi is also expanding in the country by its trading volume.

The company made this decision to provide better services to people by reconstructing the platform. In the future, the Mercado BTC has to face a lot of competition.

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