Brazilian Crypto Unicorn 2TM Cuts Over 80 Staffs to Meet Fintech Challenge

2TM, the holding company for Mercado Bitcoin, Brazil's largest crypto exchange by market valuation, laid off over 80 employees last week.

"The changing global financial landscape, rising interest rates and inflation have been having a major impact on technology-based companies," 2TM said in a statement. It did not mention an exact number of layoffs, although it did publish a list with 86 profiles of fired employees, along with their contacts.

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

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

Also last week, the Argentina-based cryptocurrency exchange Buenbit laid off 45% of its staff – 80 employees, approximately – due to the "global overhaul" of the tech industry, the company said.