Brazilian crypto company 2TM cuts more than 80 employees

Brazil’s 2TM, a holding company for Mercado Bitcoin, the country’s biggest crypto exchange by market valuation, dismissed more than 80 employees this week.

The news was first reported on June 1 by Bloomberg. Some 12 percent of employees were impacted.

“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, CoinDesk reported.

According to their LinkedIn pages, Mercado Bitcoin has more than 580 employees, while 2TM has more than 80.

The cutbacks come about a week after Bitso, Mercado Bitcoin’s main competitor in Brazil, slashed 80 employees, CoinDesk reported earlier.

In January, 2TM Group had said that it planned to expand into Europe with the acquisition of Lisbon-based exchange CriptoLoja, The Block reported at the time.