2TM

2TM laid off 100 employees representing approximately 15% of its workforce on 2022-09-01.

On June 1, 2022, the Brazilian cryptocurrency group 2TM, owner of Mercado Bitcoin and valued at $2.1 billion, laid off 90 employees, representing about 12% of its workforce of approximately 750. The company cited a challenging global economic environment, including rising interest rates, inflation, and significant volatility in Bitcoin's value, which had halved over the previous six months, as reasons for the restructuring. This move was part of broader cost-cutting measures amid a wave of layoffs at other Brazilian unicorn startups. 2TM, which had expanded through acquisitions like the Portuguese digital currency exchange Criptoloja, offered affected employees a benefits package including job placement assistance and extended health insurance.