The 2TM group of companies, owner of the South American Coin Exchange, Mercado Bitcoin, has opted to lay off part of its Staff to cut costs to sustain the business in the ongoing bear market. The Bitcoin Portal, a crypto-focused blogging website owned by 2TM, stated, “The company relieved fifteen percent of its employees of their duties due to the current adverse economy. We are sad to lose of workmates.”
Recently, 2TM blamed the business environment it operated in as the cause of its poor performance. ” There is unfairness in the business environment for Coin Exchanges in Brazil. The companies that follow the stipulated laws for digital assets are punished compared to those that do not,” part of the company’s statement read.
Mercado Bitcoin Conducts First-round Layoffs.
In June 2022, 2TM Laid off ninety of its over seven hundred employees. The company defended this move claiming it was a result of adjustments in the financial landscape experienced globally.
The company’s statement at the time cited that laying off some of its employees and cutting off operating costs was necessary to keep the business afloat. ” We have conducted this process with due diligence. We are grateful for every employee who helped us get where we are today,” the statement read.
More Companies Announce Layoffs.
Recently, several companies dealing in crypto have resolved to let go of some of their employees. The notable one is crypto.com which laid off over 250 employees. Bisto and Buenbit Exchanges laid off 72 employees and 80 employees. They both blamed the ongoing poor performance of the crypto market.
Mercado Bitcoin began its operations in 2013. recently, it has claimed to be the leading crypto exchange in South America. It has nearly one million customers. Its current evaluation is estimated to be over two billion dollars after SoftBank Latin America Fund pumped about two million investments into the company.
CoinGecko statics indicate that Mercado Bitcoin Exchange saw just over $850,000 traded volume in the last 24 hours, placing the exchange at #112 in the trade volume list. The most traded tokens are BTC, ETH, and SHIB.