2TM Group, a Latam unicorn, and the parent company to Mercado Bitcoin (a Latam cryptocurrency exchange), has announced that it will make a series in layoffs as a result of current market conditions. This was due to the changes in global financial conditions, which led to it rethinking its position and cutting its operating expenses.
2TM Group terminates 90 employees
Many companies, both in Latam and worldwide are planning for negative market changes. 2TM Group is a Brazilian unicorn and the parent company to Mercado Bitcoin. This crypto exchange in Latam is the largest in Latam. It has now announced that it will make a series of layoffs which will help maintain its operations into the future.
Local media reports that the company is planning to lay off less than 10% of its operational staff. 90 of its total workforce, which amounts to 750, will soon be leaving their offices. 2TM Group explained that layoffs are due to changes in the financial environment, which is a result of rising inflation and high-interest rates.
2TM Group provided this statement about the present situation for the company.
The situation required additional adjustments, beyond reducing operating expenses. This led to the need for us to also have some employees fired. To honor each of our employees who have helped us to this point, the process was conducted with transparency and respect.
Additionally, the company stated that laid-off employees will have access to a range of benefits which include an extension to their medical plan and relocation assistance to other companies.
Get ready for turbulent times
2TM Group is one of many companies who have made adjustments to their employment programs and started to lay off workers to keep up with the market cooling. Coinbase, an American exchange, announced that they were freezing their hiring program and that some of the accepted job opportunities for those employees who have not yet started working in the company had been withdrawn.
Latam’s exchanges Bitso, Buenbit and Coinbase have all changed their labor structures. They are now in better positions, having laid off a portion of their employees. According to reports, though the companies were believed to have been in discussions to buy Coinbase in March of this year, they ended those talks in May.
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