Brazilian cryptocurrency exchange Mercado Bitcoin lays off 15% of workforce due to global economic woes – Bitcoin News Exchange

Brazilian cryptocurrency exchange Mercado Bitcoin lays off 15% of workforce due to global economic woes – Bitcoin News Exchange

Mercado Bitcoin, one of Brazil’s largest cryptocurrency exchanges, has announced a new wave of layoffs amid a worsening global economic situation for fintech startups, which is said to be affecting innovation-based companies. The stock market laid off 15% of its workforce on September 1, the company’s second round of layoffs in three months.

Brazilian stock exchange Mercado Bitcoin announces new wave of layoffs

Cryptocurrency companies in Latham and around the world have been adversely affected by the recent downturn in crypto and traditional markets. Mercado Bitcoin, a Brazil-based cryptocurrency exchange, has announced a series of layoffs due to global economic conditions.

According to local mediaMercado Bitcoin laid off 15% of its workforce on September 1, as part of a series of measures taken by 2TM, the exchange’s holding company, aimed at streamlining operations.

In the statement, the company also criticized the Brazilian government for sidestepping the discussion of the cryptocurrency law in favor of activities related to the upcoming general election. Mercado Bitcoin stated:

Adversity in the economy continues and the competitive environment continues to deteriorate and [is] unfair, without the approval of a legal framework for cryptoassets, with law-abiding players penalized against companies that ignore local rules.


Lots of layoffs

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 business in the future. At the time, the company said the move was part of a series of “adjustments” that went beyond just cutting their operating costs.

And this time, as during the first wave of layoffs, former employees will receive benefits that will help them look for new jobs, as well as continued health insurance.

Other exchanges in Latham have also laid off some of their staff to reduce their costs. This is the case with Bitso, the Mexican stock exchange, as well as Buenbita, the Argentine stock exchange, both of which have to reduce their workforce to survive the current cooling of the market.

Bitcoin market scored a goal a $200 million investment from SoftBank in July 2021, reaching unicorn status in one of the largest funding rounds Latham has seen. Later, in December, the exchange announced a second round of Series B funding, adding another $50 million in investment.

What do you think about the second wave of layoffs by Mercado Bitcoin? Tell us in the comments section below.

Brazilian cryptocurrency exchange Mercado Bitcoin lays off 15% of workforce due to global economic woes – Bitcoin News Exchange

Sergio Goschenko

Sergio is a cryptocurrency journalist from Venezuela. He describes himself as a latecomer, having entered the cryptosphere when prices rose during December 2017. Having a background in computer engineering, living in Venezuela and influenced by the cryptocurrency boom on a societal level, he offers a different perspective on crypto success and how it helps the unbanked and underserved.

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