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Over 80 employees at Brazilian Crypto Unicorn 2TM have been laid off

Updated: Sep 26, 2022

On Wednesday, 2TM, the holding company for Mercado Bitcoin, Brazil's largest cryptocurrency exchange by market cap, laid off over 80 employees.

"The changing global financial landscape, rising interest rates and inflation have been having a major impact on technology-based companies," 2TM stated, without specifying the number of layoffs, though it did publish a list of 86 profiles of fired employees, along with their contact information.

"The scenario required adjustments that go beyond reducing operational expenses, making it necessary also to lay off part of our employees," the company added.

Mercado Bitcoin Market has more than 580 employees, according to its LinkedIn page, while 2TM has more than 80.

2TM's announcement comes just a week after Bitso, Mercado Bitcoin's main competitor in Brazil, laid off 80 employees, citing "long-term business strategy" as the reason for the layoffs.

Buenbit, an Argentine cryptocurrency exchange, laid off 45 percent of its staff — about 80 people — last week, citing the "global overhaul" of the tech industry as the reason.

After raising a total of $250 million in 2021 at a $2,2 billion valuation, 2TM became Latin America's second crypto unicorn.

2TM CEO Roberto Dagnoni told CoinDesk in June 2021 that the company had acquired a controlling stake in CriptoLoja, Portugal's first regulated crypto exchange, in January, and that it planned to enter the Spanish-speaking part of Latin America through acquisitions in Argentina, Chile, Colombia, and Mexico.

According to Bloomberg, Mercado Bitcoin was in talks to be acquired by crypto exchange Coinbase Global (COIN) in March, but the talks fell through.


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