Mercado Bitcoin layoff 15 percent of its workforce
According to findings, this development comes exactly a year after Mercado Bitcoin secured an investment of $200 million from SoftBank. This feat allowed the exchange to attain unicorn status. Prevailing market conditions aiding massive layoffs in the crypto sphere Mercado Bitcoin is not the only crypto exchange that has laid off its workers. Coinbase dismissed 18% of its workforce, amounting to about 1,100 people. In its June post, the exchange said it took the difficult decision to “stay healthy during this economic downturn.” Another crypto exchange, Gemini, also joined the trend after laying off 7% of its workforce, equivalent to 64 persons. Similarly, Bitso and Buenbit reduced their workforce to endure the current market downturn. Beyond crypto exchanges, other notable institutions have also been affected by the prevailing market conditions. Celsius Network is enduring liquidity issues and has dismissed some employees to reduce operating costs. Celsius Network has suspended withdrawals, deposits, and trading for users.