Crypto winter takes toll; Spanish Bit2Me lays off staff and closes operations in Brazil

Just five months after landing in Brazil, the Spanish exchange Bit2Me dismissed almost all employees and closed its operations in the national market, said Ricardo Da Ros, who until then commanded the European broker in the country.

The landing in Brazil was planned as a gateway to other Latin American countries.

The report contacted representatives of Bit2Me but received no response by the time of publication of this text.

In a post on his personal LinkedIn account, Da Ros cites the “crypto winter” and says that “after leading a team of 30 talented professionals in Brazil at Bit2Me, the cold winds hit, and we had to leave virtually the entire team behind.”

The CEO also points out that the market’s delicate moment brings “a drop in customer interest, a drop in revenue, a drop in financial stability and a drop in confidence,” but stresses that “this is all normal and part of the cycle.”

Bit2Me entered the Brazilian market in April and was the first exchange with a virtual currency license in Spain, with annual revenues of 1.1 billion euros.

In June, John Izaguirre, head of Bit2Me’s project launch platform, told InfoMoney that the broker had weathered the market slump and was focused on “navigating the political sector” in Brazil in light of the proposed regulation being debated in the House of Representatives.

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