Mercado Bitcoin recently laid off about twenty of its personnel. Mercado Bitcoin is the largest Bitcoin (BTC) trading platform in Brazil. The trading platform laid off some of its workers in an effort to restructure the platform.
Mercado wants to improve its governance, enhance its professionalization, and focus on more agility in its services to its clients. This was reported by Portal do Bitcoin – a local news outlet.
The news outlet spoke to four of the recently fired employees of the trading platform. The four employees, which are now ex-employees, served at different hierarchical levels. Most of the ex-employees were really sad about the incident. One of them said it was indeed a horrible experience. The ex-employee said that some people were even crying over the occurrence.
Mercado Bitcoin Started Its Lay off Earlier This Week
According to one of the ex-employees, the trading platform started laying off its senior executives earlier this week. The layoff started on the 15th of October. The exchange started firing others on the 16th of October.
However, the firm has come out to justify its actions. The firm said it laid off some workers because it was restructuring its human resources and marketing departments. According to some of the laid-off staffs, the departments in the firm that were affected were also closed after the layoffs. Some of the ex-employees said that the working environment of the firm was deteriorating, hence the move is somewhat predicted.
They said the workload in the firm started reducing about two months ago. Over the past two months, they’ve spent most of their time getting shelved. They also said that the trading volume of the platform has been decreasing over the past two months.
Mercado Bitcoin laid off staffs it employed from other firms barely six months ago. Some of the staffs it fired even started working for the firm less than two months ago. The recent move of the trading platform seems to have gotten the attention of the media and the general public. This is because it is the largest digital currency trading platform in Brazil.
Back in September, the platform traded 4,150 Bitcoins. So far this month, it has traded close to 2,000 Bitcoins. This shows that it represents more than 30% of the trading volume in Brazil.
Mercado Bitcoin Set to Face More Rivalries in Brazil
The firm made this move at a time when XP Investimentos wants to launch its XDEX digital currency trading platform. XP Investimentos is the largest investment company in Brazil. Recently, Huobi also extended its services into the nation. Huobi is the second largest digital currency trading platform in the world by trading volume. Mercado Bitcoin has a lot of rivalries to face. This is the major reason why the firm is being restructured, to help them provide better services to their customer in order to remain competitive.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin (BTC) is currently worth $6,502 after an increase of less than one percent over the past twenty-four hours. The current market cap of the digital currency is $112.71 billion and its trading volume over the past twenty-four hours is $3.27 billion.