2TM – the Brazilian startup behind the Mercado Bitcoin currency exchange – announced Thursday it would lay off 15% of its workforce. This is approximately 100 employees.
This is the second round at 2TM. The company had already eliminated more than 80 jobs in June, as part of an aggressive cost-cutting strategy.earish market fears.
2TM Group is the parent company of MercadoBitcoin.com.br, one of the most prominent digital currency exchanges in Brazil.
2TM was mentioned in the official announcement
“The competitive environment remains deteriorated and unfair, lacking the approval of the legal framework for crypto-activities, as players following the law are penalized by companies that ignore local rules.”
2TM is now valued at $2.1billion after it raised $200 million in Series B funding and $50 million from a second funding round last November. In January, the startup received a liquidity injection by Mercado Libre. Paxos According to Blockchain.News.
As the crypto-economic crisis continues, other crypto-related Latin American companies have announced layoffs.
Bitso, a South American trading platform, announced its decision to lay off 80 employees in order to maintain its long-term business strategy.
BitOasis is a UAE-based cryptocurrency exchange. It announced it had cut 5% of their workforce in order to save money.
Coinbase announced a 18% layoff. This means that the company has laid off approximately 1,100 full-time workers. Recent layoffs have been announced by large crypto companies such as BlockFi, Robinhood and Crypto.com.
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