- This wave of layoffs follows a round of reductions at 2TM in June.
- The business laid off 90 people, or 12% of its total workforce of 750 previously.
In light of the ongoing crypto winter, 2TM, the parent business of the Latin American exchange Mercado Bitcoin, has announced the second wave of layoffs.
The firm reportedly let off 15% of its staff owing to “adversity in the economy,” as reported by Bitcoin Portal, a Brazilian cryptocurrency portal also owned by 2TM. The magazine expressed its “regret” at the passing of its “colleagues” in an article.
Without the adoption of a legislative framework for digital assets in Brazil, 2TM has previously asserted that the competitive climate for exchanges is “unfair,” with firms that comply with the law being punished in comparison to those that don’t.
Start of Layoff Season Again?
This wave of layoffs follows a round of reductions at 2TM in June, when the business laid off 90 people, or 12% of its total workforce of 750, citing “changes in the global financial landscape.”
As the price of digital assets dropped this summer, several firms in the cryptocurrency sector announced layoffs. Like Gemini Trust Co., Crypto.com, and Robinhood, 2TM has had to fire a number of employees many times.
Bisto, a Latin American cryptocurrency exchange, laid off 80 staff in late May, while Buenbit, a Latin American cryptocurrency exchange, laid off 45% of its workers at roughly the same time, lowering its workforce to approximately 100 from 180.
2TM has made a statement that it would provide healthcare benefits and child care help to its laid-off workers while they hunt for new employment. Bitcoin has yet again plunged below the $20k mark and most altcoins following suit.
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