2TM Layoffs
June 2022
2TM announced a layoff affecting 90 employees (12% of its workforce) in June 2022. The company operates in the Crypto sector.
90
12%
Jun 1, 2022
About
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.
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