Latin American exchange Mercado Bitcoin, the parent company of 2TM, has announced a second round of layoffs, as the company continues to make cuts in the crypto winter.
According to bitcoin portal, a Brazilian cryptocurrency publication also owned by 2TM, the company has laid off 15% of its employees due to continuing “adversity in the economy”. The publication said it is “sorry for the loss of the associates.”
Previously, 2TM claimed that the competitive environment for exchanges without approval of a legal framework for digital assets in Brazil was “unfair” with companies that do not comply with the law, according to a translated statement. than punished. company.
The recent round of layoffs follows the pre-2TM cuts in June, where the company Let go 12% of its 750 employees, or about 90 employees, cited “changes in the global financial landscape”.
“The scenario requires adjustments that go beyond the reduction in operating expenses, necessitating the layoffs of part of our workforce,” 2TM said at the time. Statement, “The process we have undertaken is guided by transparency and respect, to honor the legacy of each employee who has helped us get here.”
During this summer, several companies in the cryptocurrency industry announced layoff As the prices of digital assets faltered. 2TM joins a list of companies that have gone through several rounds of dismissals, including Gemini Trust Company, Crypto.com and Robinhood.
Other exchanges based in Latin America have also laid off employees in the crypto market amid this year’s market downturn, including Bisto, which laid off 80 employees at the end of May, and Beanbit, which at the same time laid off its employees. 45% of employees canned. Its headcount has been reduced from 180 to almost 100.
In its recent announcement, 2TM said the company would expand healthcare for employees that they were forced to go to with daycare in search of new jobs and provide support to them.
Founded in 2013, Mercado Bitcoin claims to be the largest crypto exchange in Latin America with over 1 million customers, according to its website, During its Series B round of funding in July 2021, 2TM received a $200 million investment from the SoftBank Latin America Fund, giving the company a valuation of $2.1 billion. This c. wasAst as “the first crypto unicorn in Brazil”.
Mercado Bitcoin has seen volume of just over $800,000 in the last 24 hours on its exchange, according to coingecoWith the most frequently traded tokens being Bitcoin, Ethereum and Shiba Inu.
bitcoin portal announced Explaining that it became part of 2TM last month, the website attracts an average of 2 million unique visitors per month.