Brazilian crypto sole proprietorship 2TM lays off over 80 employees

Brazilian crypto sole proprietorship 2TM lays off over 80 employees

The company cited "the changing global financial landscape" as the reason. Its main competitor in Latin America, Bitso, had laid off a similar number of employees last week.

This article is from CoinDesk Brasil, a partnership between CoinDesk and InfoMoney, one of Brazil's leading financial news publications. Follow CoinDesk Brasil on Twitter.

2TM, the holding company of Mercado Bitcoin, Brazil's largest crypto exchange by market value, laid off more than 80 employees on Wednesday.

"The changing global financial landscape, rising interest rates and inflation are having a major impact on technology-based businesses," 2TM said in a statement, without giving an exact number of the layoffs, though it published a list of 86 profiles of the laid-off employees along with their contacts.

The company also said that "the scenario required adjustments beyond reducing operating costs and made it necessary to lay off some 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 a "long-term business strategy."

Also last week, Argentina-based cryptocurrency exchange Buenbit laid off 45% of its staff - about 80 employees - due to the "global restructuring" of the tech industry, the company said.

2TM became the second crypto unicorn in Latin America after raising a total of $250 million at a valuation of $2.2 billion in 2021.

In January, it acquired a majority stake in CriptoLoja, Portugal's first regulated crypto exchange, while it planned to enter the Spanish-speaking part of Latin America through acquisitions in Argentina, Chile, Colombia and Mexico, 2TM CEO Roberto Dagnoni told CoinDesk in June 2021.

In March, Mercado Bitcoin was in talks to be acquired by crypto exchange Coinbase Global (COIN), but negotiations fell through, Bloomberg reported in May.

This article was translated by Andrés Engler and edited by CoinDesk. The Portuguese original can be found here.