The CEO of Mercado Bitcoin, Reinaldo Rabelo, stated that he made mistakes in managing the company in 2021. According to him, one of the reflections of his mistakes was the mass dismissal of hundreds of employees this year:

“The professional journey is usually made up of victories and defeats. On social media, we talk more about the good part – it’s natural that people don’t want to expose their falls”, he said.

The executive stated, in a post on LinkedIn, that at the beginning of 2019 the Bitcoin Market was at a time of strategy review, which occurred after a corporate restructuring and a restructuring of the structure.

Bitcoin Market

According to Rabelo, 2019 was a very different year from the current one and there was no room for funding from investors. Furthermore, he noted that local investors have turned their backs on the crypto market.

“XP Inc., for example, decided to close its first exchange (XDEX). And we were there, making plans and turning late nights to decide which path to bet on,” he said.

According to him, at that moment, the company decided to maintain a ‘faithful’ staff and not just be a cryptocurrency exchange. So, Mercado Bitcoin became 2TM, a holding of crypto-asset solutions.

After that, MB grew, conquering institutional investors and even large banks. At the same time, he announced several signings that Rabelo has now classified as “hasty”.

“However, we soon enter a new winter and deal with the mistakes and hasty decisions of mega-accelerated growth. Time to reset the timer again and face the scenario as it is, without running away from the new reality.”

Finally, he stated that, after this period and, faced with a new bear market, the MB is reinventing itself once again.

“And we got together to, once again, (re)create MB. Now, with a more experienced leadership, with investors that support us and without any fear of working”, he concluded.

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