2TM slashes 90 jobs as fears of crypto winter pour in
2TM, a firm that aims to democratize investment in alternative assets offering different solutions for companies and end consumers, has let go of 90 employees who account for more than 10% of its workforce.
2TM decreases workforce
2TM, the owner of the largest cryptocurrency exchange in Brazil, Mercado Bitcoin, has released a statement wherein the firm did not disclose the exact number of employees that were let go but revealed that the reason for the decision was the current macroeconomic condition. The statement pointed out that the rising interest rates, inflation, and current global financial conditions have all contributed to the firm's decision.According to the people familiar with the matter, 90 people were let go, which amounts to around 10% of its workforce. The layoffs of the Softbank-led firm were first reported in a Brazilian newspaper, O Estado de S. Paulo.
Interestingly, 2TM is the second Softbank-led firm that has slashed off its workforce. Mexico-based crypto exchange Bitso also revealed recently that the firm had cut 80 employees out of a workforce of more than 700 people.
Gemini and Coinbase employees in similar situations
As covered in a recent report by Cryptonary, Gemini, a regulated cryptocurrency exchange, wallet, and custodian, and Coinbase, the biggest crypto exchange in the US, have also let go of a few people. Coinbase had paused its hiring process two weeks ago due to macroeconomic conditions and has now extended the same while Gemini will lay off 10% of its workers.100% Success Money Back Guarantee
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