After Bitso and Buenbit, Brazil’s 2TM lays off 12% of its workforce
RIO DE JANEIRO, BRAZIL – The holding company 2TM, owner of Brazilian cryptocurrency exchange Mercado Bitcoin, is another unicorn that is laying off staff amid a massive trend affecting high-growth companies worldwide.
2TM said Wednesday, June 1, that it laid off 90 people, 12% of its team, due to the “changing global financial landscape, high interest rates and inflation, which have had a major impact on technology-based companies.”
The company said this new reality required 2TM to seek a new growth and investment equation.
“The scenario required adjustments beyond the reduction of operating expenses, which is also necessary to lay off some of our employees. The process we undertook was guided by transparency and respect to honor the legacy of each collaborator who helped us get this far,” it said in a press release.
2TM said it offered the people who were laid off a package of benefits to support them personally and professionally. It ranges from helping with marketplace relocation to maintaining health insurance for a specified period.
Bitcoin Market said it “remains steadfast in its purpose to build the leading blockchain-based infrastructure in the market.”
CRYPTOCURRENCY CRASH?
Last week, Argentine cryptocurrency company Buenbit laid off 50% of its staff, and Bitso laid off at least 80 people in technical and commercial areas in Mexico.
In an interview with Bloomberg Línea, Federico Ogue, CEO of Buenbit, said that the layoffs were not related to the collapse of the Terra currency but have been a decision the company has been working on for months due to the “new global context”.
This new business cycle of layoffs has affected unicorns VTEX, Olist, Facily, Loft, QuintoAndar, and Creditas in Brazil, as well as Bitso in Mexico, and may create even more casualties as venture capital funds are urging startups to cut costs.
With information from Bloomberg Línea
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| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 179,722.48 | +1.30% | +21.85% | 177,418.78 | 168,310 | 167,142 | — |
| USD/BRL | 5.16 | +0.01% | -5.13% | 5.16 | 5.18 | 5.14 | — |
| SELIC | 14.00% | — | — | — | — | — | |
| PETR4 | 41.64 | -0.05% | +35.19% | 41.66 | 41.97 | 41.15 | 41,499,400 |
| VALE3 | 72.97 | +0.83% | +30.75% | 72.37 | 73.54 | 72.66 | 17,658,000 |
| ITUB4 | 38.60 | -1.03% | +4.57% | 39.00 | 39.34 | 38.39 | 29,487,800 |
| BBDC4 | 16.85 | +0.36% | +3.50% | 16.79 | 16.90 | 16.67 | 19,416,900 |
| BBAS3 | 19.37 | +0.47% | +0.73% | 19.28 | 19.44 | 19.16 | 11,069,200 |
| B3SA3 | 14.26 | -0.21% | +12.73% | 14.29 | 14.47 | 14.11 | 33,037,800 |
| ABEV3 | 14.89 | -0.80% | +21.91% | 15.01 | 15.07 | 14.81 | 16,453,100 |
| WEGE3 | 47.59 | +0.49% | +29.99% | 47.36 | 48.08 | 47.36 | 3,364,600 |
| PRIO3 | 59.14 | -0.19% | +50.67% | 59.25 | 59.81 | 58.74 | 3,325,600 |
| SUZB3 | 41.33 | +2.35% | -23.55% | 40.38 | 41.48 | 40.35 | 3,914,900 |
| RENT3 | 34.68 | -0.09% | +0.84% | 34.71 | 34.96 | 34.35 | 7,979,100 |
| AZZA3 | 15.89 | -2.63% | -53.76% | 16.32 | 16.42 | 15.82 | 1,330,300 |
| CSNA3 | 4.30 | +0.47% | -42.65% | 4.28 | 4.41 | 4.26 | 10,076,100 |
| GGBR4 | 24.69 | +2.19% | +51.38% | 24.16 | 24.85 | 24.18 | 7,047,600 |
| ENEV3 | 24.21 | -1.38% | +70.49% | 24.55 | 24.64 | 23.99 | 9,297,000 |
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