Unicorn Company 2TM, the parent company of Mercado Bitcoin, joins other exchanges with laid-off workers in less than a month.
The global crisis, which impacts entities from all over the environment, also severely hit digital currency companies. The phenomenon strongly damaged exchanges, which, looking for new procedures to keep their activities ongoing, decided on a very drastic one: to eliminate an essential part of their workers.
The procedure got highlighted before by US exchanges like Gemini and two vital Latin American ones: Bitso (Mexican) and Buenbit (Argentine). Now is the chance for the most prominent exchange in Brazil.
2TM, the holding company of Brazilian exchange Mercado Bitcoin, fired more than 80 employees on Wednesday. Some media even say that the number of dismissals is higher and approaches 90.
2TM said that the mutating global financial panorama, rising interest rates, and inflation generated a vast impact on technology-based entities; the entity also published a list of 86 fired workers.
The company also highlighted that the current scenario required procedures beyond reducing operating expenses. The process they executed happened through policies under transparency and respect to honor the legacy of each collaborator who helped the company grow.
According to 2TM, the dismissed workers received a package of beneficial features to back up their personal and professional growth, citing aid for job placement and extension of the term of the health plan, among other benefits.
According to its LinkedIn page, Mercado Bitcoin Market currently counts more than 580 employees, while 2TM counts more than 80. Other media claim that the total number of employees surpassed 750.
Other Exchanges Take Action
The 2TM announcement arrived just a week after Bitso, the Mexican-born exchange Mercado Bitcoin’s main rival in Brazil, fired at least 80 employees citing long-term business strategy reasons; this figure represents just over 10% of its current staff.
Also, last week, Buenbit, the exchange headquartered in Argentina and carrying out activities in Mexico and Peru, fired 45% of its staff due to the global overhaul of the tech industry.
This problem is not only happening in Latin America; the robust exchange Gemini also got rid of 10% of its staff due to the consequences of the current crypto winter. The notice, highlighted on the firm’s blog, argues about the requirement to reduce costs amid uncertain market conditions that would be about to persist for some time.
What Happens to this New Unicorn?
2TM became the second crypto unicorn in Latin America, after Bitso, after raising a total of USD$250 million in 2021 to spread across Latin America and achieving a value registered at USD$2.2 billion.
In addition, he managed to reach another continent: in January, he acquired a majority stake in CriptoLoja, Portugal’s first regulated crypto exchange, while also planning to enter the Spanish-speaking part of Latin America. Also, in March, Mercado Bitcoin was in talks to get purchased by Coinbase Global, but the negotiations didn’t come to fruition.
By: Jenson Nuñez
