Mercado Bitcoin exchange operator trims another 15% of staff

2TM Group, the parent company of the Brazilian cryptocurrency exchange Mercado Bitcoin, cut its staff by 15% after layoffs in June. The Block reports.

The firm noted that the lack of regulation in Brazil’s industry puts local crypto companies at a disadvantage.

“At 2TM we unified brands and completed the integration of the companies acquired in 2021 to improve efficiency and synergy. However, downturns in the economy continue, and the competitive environment worsens and is unfair without an established legal framework for crypto assets. Players that comply with the laws lose to those that ignore local rules,” the statement said.

In June the company did not disclose the number of laid-off employees.

In December 2021, 2TM Group closed an extended Series B financing round of $50.3 million. Before that, 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.

In July, Reinaldo Rabelo, the head of the exchange, said plans to expand services to the Mexican market.

In May, the largest Mexican crypto trading platform Bitso laid off 80 employees.

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