2TM The Owner Of Mercado Bitcoin Exchange In Brazil Is Fired For The 2nd Time

2TM, the parent company of Brazilian exchange Mercado Bitcoin, recently cut more staff, affecting about 15%, or nearly 100 people. The company blames a lack of regulation for putting Brazilian companies at a disadvantage.

According to Bitcoin Portal, a Brazilian cryptocurrency publication also owned by 2TM, the company let go of 15% of its employees due to continued “adversity in the economy”. The publication stated that it “regrets the loss of colleagues”.

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

“The scenario requires adjustments that go beyond the reduction of operating expenses, making it necessary also to lay off part of our employees,(…). The process we have carried out has been guided by transparency and respect, to honor the legacy of each employee who has helped us get this far.”

2TM said at the time in a statement

2TM also faulted a lack of regulation in Brazil that is putting local crypto companies at a disadvantage.

“At 2TM, we unified our brands and concluded the integration of companies acquired in 2021, seeking efficiency and synergy,(…). Even so, adversity in the economy continues, and the competitive environment continues deteriorated and unfair without the approval of the legal framework for crypto assets, with players that follow the laws penalized against companies that ignore local rules.”

2TM said in a  statement shared with The Block

Over the course of this summer, numerous companies throughout the cryptocurrency industry announced layoffs as digital asset prices faltered. 2TM joins a list of companies that have had to make multiple rounds of dismissals, which includes Gemini Trust Co., Crypto.com, and Robinhood.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Foxy

CoinCu News