Owner of Mercado Bitcoin 2TM undergoes second round of terminations

The parent company of Latin American exchange Mercado Bitcoin, 2TM, has announced a second round of layoffs as companies continue to downsize amid the crypto winter.

In accordance Bitcoin portal, a Brazilian cryptocurrency publication also owned by 2TM, the company let go of 15% of its staff due to continued “difficulties in the economy.” The publication stated that it “regrets the loss of colleagues.”

Earlier, 2TM claimed that the competitive environment for exchanges was “unfair” without the approval of a legal framework for digital assets in Brazil, with companies that follow the law being penalized compared to those that do not, according to a translated statement from the firm.

The latest round of layoffs follows earlier cuts from 2TM that took place in June, where the company let go of 12% of the 750 employees, or about 90 workers, citing “changes in the global economic landscape.”

“The scenario requires adjustments that go beyond the reduction of operating costs, making it necessary to also lay off some of our employees,” 2TM said at the time in a statement. “The process we have undertaken has been guided by openness and respect, to honor the legacy of each individual employee who has helped us get this far.”

During this summer, a number of companies announced throughout the cryptocurrency industry layoffs as the prices of digital assets fluctuated. 2TM joins a list of companies that have had to make multiple rounds of layoffs, which includes Gemini Trust Co., Crypto.com and Robinhood.

Other exchanges based in Latin America have also let go amid this year’s market downturn in the crypto market, including Bisto, which let go of 80 employees in late May, and Buenbit, which canned 45% of its workers around the same time, reducing headcount to around 100 from 180.

In its recent announcement, 2TM said the company will extend health coverage to employees it was forced to let go and offer them help with childcare as they look for new jobs.

Mercado Bitcoin was founded in 2013 and claims to be the largest crypto exchange in Latin America with over 1 million customers, according to its website. During its Series B funding round in July 2021, 2TM received a $200 million investment from SoftBank Latin America Fund, giving the company a valuation of $2.1 billion. It was cast as the “first crypto-unicorn in Brazil.”

Mercado Bitcoin has seen over $800,000 worth of volume in the last 24 hours on its exchange, according to CoinGeckowith the most traded tokens such as Bitcoin, Ethereum and Shiba Inu.

Bitcoin portal announced that it had become part of 2TM last month, and said the site was attracting an average of 2 million unique visitors per month.