2TM, the holding company for Mercado Bitcoin, Brazil's largest crypto exchange by market valuation, laid off over 80 employees on Wednesday.
“The changing global financial landscape, rising interest rates and inflation have been having a major impact on technology-based companies,” 2TM said in a statement. It did not mention an exact number of layoffs, although it did publish a list with 86 profiles of fired employees, along with their contacts.
The company also said that “the scenario required adjustments that go beyond reducing operational expenses, making it necessary also to lay off part of our employees.”
According to its LinkedIn page, Mercado Bitcoin Market has more than 580 employees, while 2TM has more than 80.
2TM's announcement comes a week after Latin American crypto exchange Bitso, Mercado Bitcoin's main competitor in Brazil, laid off 80 employees citing “long-term business strategy” as the reason.
Also last week, the Argentina-based cryptocurrency exchange Buenbit laid off 45% of its staff – 80 employees, approximately – due to the “global overhaul” of the tech industry, the company said.
2TM became the second crypto unicorn in Latin America after raising a total of $250 million in 2021 at a $2.2 billion valuation.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.