2TM LAYS OFF 80 EMPLOYEES: CRYPTO UNICORN
2TM, the company that holds Mercado Bitcoin, Brazil's largest crypto exchange by market value, released more than 80 employees on Wednesday.
"Global financial changes, rising interest rates and inflation have had a profound effect on technology-based companies," 2TM said in a statement, not mentioning the exact retrenchment rate, although it published a list of 86 dismissal profiles. staff, and contacts.
The company also said that "this situation needs to be addressed beyond the cost of operating, which necessitates the retrenchment of half of our employees."
According to a LinkedIn page, the Mercado Bitcoin Market has more than 580 employees, while 2TM has more than 80 employees.
The announcement of 2TM comes a week after the crypto Latin American exchange Bitso, the main rival of Mercado Bitcoin in Brazil, laid off 80 employees citing the reasons for "long-term business strategy".
And last week, the Argentine-based cryptocurrency exchange Buenbit suspended 45% of its employees - 80 employees, almost - for "global reform" in the tech industry, the company said.
2TM became the second crypto unicorn in Latin America after raising $ 250 million in 2021 by $ 2.2 billion.
In January, it acquired a controlling stake in CrypttoLoja, Portugal's first controlled Portuguese exchange, while planning to enter the Spanish-speaking part of Latin America for purchases in Argentina, Chile, Colombia and Mexico, 2TM CEO Roberto Dagnoni told CoinDesk in June 2021..
In March, Mercado Bitcoin was in talks with crypto exchange Coinbase Global (COIN), but negotiations failed, Bloomberg reported in May.