2TM Group, Parent Company of Mercado Bitcoin, Lays off 90 Workers Amid Market Cool Down
2TM Group, Parent Company of Mercado Bitcoin, Lays off 90 Workers Amid Market Cool Down
2TM Group, a Latam unicorn and parent company of Mercado Bitcoin, a Latam-based cryptocurrency exchange, has announced it will execute a series of layoffs due to the current market cooldown. The company declared that this action was motivated by the recent global financial scenario changes, making it reconsider its position, and reducing its operative expenses. 2TM Group Lays off 90 Employees
Several companies at a worldwide level and also in Latam are preparing for the negative changes that several analysts have predicted will happen in the market. 2TM Group, a Brazilian unicorn that is also the parent company of Mercado Bitcoin, one of the biggest crypto exchanges in Latam, has announced that it will execute a number of layoffs that will contribute to maintaining its operations in the future.
According to local media, the company will lay off little more than 10% of its operating staff, with 90 employees out of its total workforce of 750 leaving its offices soon. 2TM Group attributed the layoffs to the change in the global financial scenario that is happening due to the high-interest rates and the growing inflation.
About the situation the company is facing, 2TM Group stated:
The scenario required adjustments that go beyond the reduction of operating expenses, making it also necessary to dismiss some of our employees. The process we carried out was guided by transparency and respect, in order to honor the legacy of each employee who helped us get here.
The company also stated that the laid-off workers will be able to enjoy a package of benefits that include an extension of their health plan and help to relocate to other companies. Preparing for Shaky Times
2TM Group is just the last of a series of companies that have either made changes to their hiring programs or started laying off staff to survive the current market cooldown. Coinbase, a U.S. exchange, not only announced it was freezing its hiring programs, but also that it was rescinding some of its accepted job offers for employees that have still not started to work in 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 reported to be in talks to be acquired by Coinbase in March, but the parties abandoned the negotiations in May according to reports. Tags in this story 2TM Group, Bitso, Brazil, Buenbit, Coinbase, cooldown, cryptocurrency exchnage, layoffs, Market Downturn, Mercado Bitcoin
What do you think about 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 late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Avalanche Co-Founder Emin Gün Sirer Discusses Macro Conditions and AVAX Sliding in Value NEWS | 2 hours ago Report: Ripple CEO Brad Garlinghouse Hints at Future Mergers and Acquisitions NEWS | 4 hours ago
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