Brazil’s 2TM Group Cuts Off More Than 80 Employees

Brazil’s 2TM Group Cuts Off More Than 80 Employees

In Brief

  • Mercado Bitcoin, Brazil's biggest crypto exchange by market valuation, has dismissed more than 80 employees.

  • The cutbacks come about a week after Bitso, Mercado Bitcoin's main competitor in Brazil, slashed 80 employees.

  • In January, 2TM Group had said that it planned to expand into Europe with the acquisition of Lisbon-based exchange CriptoLoja.

Brazil's 2TM, a holding company for Mercado Bitcoin, dismissed more than 80 employees this week. This comes following announcements made in January that 2TM would be acquiring a Lisbon based crypto exchange.

The news of the layoffs was first reported on June 1 by Bloomberg. Around 12% of the staff were impacted by the job cuts.

"The global financial landscape is changing, with rising interest rates and inflation," 2TM said in a statement. These things have had a "major impact on technology-based companies," according to CoinDesk's report.

A quick look at their LinkedIn pages reveals that Mercado Bitcoin has 580+ employees, while 2TM has 80+.

These cutbacks come shortly after Bitso, Mercado Bitcoin's main competitor in Brazil, got rid of 80 employees.

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