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HomeBTCMercado Bitcoin fires 15% of its workforce citing the global economic crisis

Mercado Bitcoin fires 15% of its workforce citing the global economic crisis

A new round of layoffs has been announced by Mercado Bitcoin, one of the top cryptocurrency exchanges in Brazil, in the midst of the ongoing worldwide economic crisis for fintech companies, which the exchange claims is having an impact on innovation-based businesses. On September 1, the exchange let go 15% of its workers, the second round of layoffs the company has experienced in the last three months.

Latin American and international cryptocurrency businesses have suffered as a result of the recent downturn in both the crypto and traditional markets. The exchange also criticised the Brazilian government in a statement for placing the discussion of a cryptocurrency bill behind actions connected to the upcoming general elections.

The company has decided to fire employees for the second time in less than three months. With the intention of continuing its activities in the future, the company sacked 90 employees in June as part of the first round of layoffs.At the time, the company claimed that this was just one of several “adjustments” that went beyond merely reducing operating costs.

In order to survive the current market downturn, both the Argentinian exchange Buenbit and the Mexican exchange Bitso had to reduce their workforces.

In one of the biggest funding rounds Latin America has ever seen, Mercado Bitcoin became a unicorn in July 2021 after receiving a $200 million investment from SoftBank. Later, in December, the exchange reported the closing of a second Series B funding round, bringing the total amount of capital to $150 million.

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