2TM Group, parent company of Mercado Bitcoin, cuts staff

2TM Group, the parent company of Brazilian cryptocurrency exchange Mercado Bitcoin, announced staff cuts amid unfavourable global economic conditions. Reports in CoinDesk.

“The changing global financial landscape, rising interest rates and inflation have had a significant impact on technology companies,” the statement said.

The company did not specify how many employees were laid off. Its representatives noted that “the scenario requires adjustments that go beyond cutting operating expenses.” According to the publication, the number could be 86 positions.

In December 2021, 2TM Group closed an extended Series B funding round of $50.3 million. Prior to this, the firm raised $200 million from SoftBank Latin America Fund, becoming the eighth-largest unicorn in the region.

Earlier Mercado Bitcoin received $37.4 million to expand its presence in Latin American markets.

The Bahrain-based cryptocurrency exchange Rain Financial also announced layoffs, according to Bloomberg. According to sources, the layoffs will affect “employees across several departments”.

“Cryptocurrencies and global markets continue to slow, which, in turn, affects business worldwide. We had to make hard decisions to get through this period of uncertainty,” explained the company’s co-founder Joseph Dal Lago.

In 2021, Rain Financial raised $6 million following a Series A round and closed a Series B round of $110 million.

In May 2022, the largest cryptocurrency exchange in Latin America, Bitso trimmed staff, citing a reconsideration of the set of competencies required of employees.

In the same month it emerged that Coinbase paused hiring and cut spending on Amazon Web Services as part of a broader cost-cutting effort.

Layoffs were also reported by online broker Robinhood and the cryptocurrency exchange Gemini.

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