2TM Group, Parent Company of Bitcoin Market, Lays Off 90 Workers Amid Cooling Market – Bitcoin News


2TM Group, a Latin American unicorn and parent company of Mercado Bitcoin, a Latam-based cryptocurrency exchange, has announced that it will execute a series of layoffs due to the current cooling of the market. The company stated that this action was motivated by the recent changes in the global financial scenario, which made it reconsider its position and reduce its operating expenses.

2TM Group lays off 90 employees

Several companies worldwide and also in Latam are preparing for the negative changes that several analysts have predicted will occur in the market. 2TM Group, a Brazilian unicorn that is also the parent company of Mercado Bitcoin, one of the largest crypto exchanges in Latam, has announced that it will execute a series of layoffs that will help maintain its operations in the future.

According to local media, the company will lay off just over 10% of its operational staff, with 90 employees out of its total workforce of 750 leaving their offices soon. 2TM Group attributed the layoffs to the change in the global financial scenario that is occurring due to high interest rates and rising inflation.

On the situation facing the company, 2TM Group stated:

The scenario required adjustments that go beyond the reduction of operating expenses, also requiring the dismissal of some of our employees. The process we carried out was guided by transparency and respect, in order to honor the legacy of each collaborator who helped us get here.

The company also reported that laid-off workers will be able to enjoy a benefits package that includes an extension of their health plan and help to relocate to other companies.

Preparing for hectic times

2TM Group is just the latest in a string of companies that have made changes to their hiring programs or begun laying off staff to survive the current market chill. Coinbase, a US stock exchange, not only announced that it would freeze its hiring programs, but also terminate some of its accepted job offers for employees who have not yet started working at the company.

In Latam, exchanges like Bitso and Buenbit have also adapted their labor structures, laying off part of their staff to be in a better position in the future. The company was reportedly in talks to be acquired by Coinbase in March, but the parties reportedly walked out of negotiations in May.

What do you think of the layoff plan announced by 2TM Group? Tell us in the comments section below.

sergio goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as someone who was late to the game, entering the cryptosphere when the price spike occurred in December 2017. With a background in computer engineering, living in Venezuela and being impacted by the rise of cryptocurrencies on a social level, offers a different point of view. about the success of cryptocurrencies and how he helps the unbanked and underserved.

image credits: Shutterstock, Pixabay, Wiki Commons


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