2TM Group, Parent Company of Mercado Bitcoin, Lays off 90 Workers Amid Market Cool Down

2TM Group, the parent company of Mercado Bitcoin, a Latam unicorn and Latam-based cryptocurrency exchange, will perform a series of layoffs to cool down the current market announced today that it will be making a series of layoffs in an effort to cool down the current market. The company declared that this action is motivated by the recent changes in the global financial scenario to reconsider its position and reduce operating expenses.

2TM Group laid off 90 employees

{17

Several companies on a global level and also in Latam are preparing for the negative changes that some analysts predicted would happen in the market. 2TM Group, a Brazilian unicorn that is also the parent company of Mercado Bitcoin, one of Latam’s largest crypto exchanges, has announced that it will carry out a number of layoffs that will help keep it in business in the future.

according to

local media. The company will lay off a little over 10% of its sales staff, and 90 of its total 750 employees will leave the company soon.2TM Group attributed the layoffs to the changing global financial scenario, which is occurring due to high interest rates and growing inflation.

Commenting on the situation the company is facing, 2TM Group said.

This scenario required adjustments that went beyond reducing operating expenses and necessitated laying off some employees. This process was conducted in a transparent and respectful manner to honor the legacy of each and every employee who has brought us to this point.

In addition, terminated employees will enjoy a benefits package that includes extended health insurance and assistance in transferring to other companies.

Preparing for Shaky Times

2TM Group is the last in a series of companies that have begun changing their hiring programs or laying off staff to survive the current market chill. U.S. exchange Coinbase has not only announced a freeze in its hiring program, but has also announced that it is rescinding some employment offers to employees who have not yet joined the company.

In Latam, exchanges such as Bitso and Buenbit are also laying off some of their staff in order to adapt their labor structure and get better positions in the future. The company was reportedly in talks to be acquired by Coinbase in March, but reportedlythe negotiations were abandoned in May.

Image credits: Shutterstock, Pixabay, Wiki Commons