Brazil’s Largest Bitcoin Exchange Fired 20 Employees for Restructuring Reasons

Following a surprising turn of events, Mercado Bitcoin, also known as the largest cryptocurrency exchange in Brazil, just fired at least 20 of its employees from the company with reasons of restructuring surfacing as the excuse. The reports released by Portal do Bitcoin, one of the local news outlet, who threw the light on the event and interviewed some of the now ex-employees of the company.

Being one of the largest enterprises dealing with cryptocurrency and bitcoin in the country was one of the reasons why this might come as a shock to the people. But when interviewed, some of the employees said that the reason the company explained behind the mass exile was their attempt at restructuring the marketing hierarchy and build a new focus for “professionalism, more governance, and agility when it comes to customer services.”

The news outlet spoke with four fired members of the company who were working at different hierarchical levels in the company and described the events at the firm. One of them described it to be horrible; other said that there were people who were crying over the news. The company had a clear idea behind the scene and justified their actions by claiming that they intend to build a new structure for marketing and human resource department of the company.

The executives explained the employees over the shuttering of affected departments over the layoffs by saying that this is what the company is expected to do and as a result, they are drying out the structure to form a new one. However, the interviewed employees had other theories in their minds over the drastic dismissal.

Some of the employees told the news outlet that things were getting slow in the company. One could say that the Mercado was deteriorating regarding services and works and was nonetheless ‘lagging.’ They somewhat predicted the adversary as such because of the deteriorating work environment in the company that forced the employees to go idle.

According to them, they had no work to do or to contribute as much as they did in the past. The work which the company would have done in hours would take days to complete and sometimes there was no moving forward. The presentations and processes would be created and presented but everything “went stuck.”

The exchange company was asked to comment on the event by Portal do Bitcoin, to which they replied that they are “promoting changes in the structure” since the beginning of the year and had to take measures like this. The move was notable as the firm is Brazil’s largest bitcoin exchange firm in terms of its trading volume.

The exchange operator explained, “Regarding financial and personnel data, Mercado Bitcoin does not disclose its information to the market but clarifies that the number of people who left the company in October is significantly lower than indicated, reaching 20 people only if we include consultants and other service providers.”