The parent company of Brazil’s largest crypto exchange, Mercado Bitcoin, is laying off more than 80 employees to streamline work amid an unstable situation in the cryptocurrency market.
The Brazilian company 2TM, which owns the largest cryptocurrency exchange in Brazil, Mercado Bitcoin, fired more than 80 employees. The main reason was the “changing global financial landscape”, rising interest rates and inflation, which had a strong impact on technology companies.
2TM said the current industry situation requires significant adjustments that go beyond cuts in operating costs, including layoffs. The company has published a list of some of the fired employees and their contacts – it contains the names of 86 people.
According to 2TM’s statement, laid-off employees will receive a full benefits package to support them personally and professionally, including relocation assistance and health plan renewals.
“We have been guided by the principles of transparency and respect in downsizing to honor the legacy of every employee who helped us get where we are today,” the company said in a statement.
Against the background of the unstable situation in the cryptocurrency industry, some companies have begun to reduce staff or slow down the hiring of new workers. So, at the end of May, the Latin American crypto exchange Bitso announced that it had fired about 80 employees.
Yesterday, trading platform Gemini announced that it is cutting its headcount by 10%, which is about 100 people. Cryptocurrency exchange Coinbase said it is slowing headcount growth and ditching employees who have already secured positions but have not yet begun work.
Source: Bits
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