- This wave of layoffs follows a round of cuts at 2TM in June.
- The company laid off 90 people, or 12% of its total workforce of 750 previously.
In light of the ongoing crypto winter, 2TM, the parent company of the Latin American Stock Exchange Bitcoin marketannounced a second wave of layoffs.
The company reportedly left 15% of its employees due to “the plight in the economy,” Bitcoin Gateway, a Brazilian crypto portal also owned by 2TM, said. The magazine expressed its “regret” over the death of its “colleagues” in an article.
Without the adoption of a legislative framework for digital assets in Brazil, 2TM He previously asserted that the competitive environment of exchanges is “unfair”, as companies that comply with the law are penalized compared to those that do not.
Layoff season starting again?
The wave of layoffs follows a round of 2TM cuts in June, when the company laid off 90 people, or 12% of its total workforce of 750, citing “changes in the global financial landscape.”
With the price of digital assets dropping this summer, many companies in the crypto sector have announced layoffs. Like Gemini Trust Co. And Crypto.com and Robinhood, 2TM has had to fire a number of employees multiple times.
Bisto, a Latin American cryptocurrency exchange, laid off 80 employees in late May, while Buenbit, a Latin American cryptocurrency exchange, laid off 45% of its workers around the same time, reducing its workforce to nearly out of 100 out of 180.
2TM released a statement that it will provide health care benefits and childcare assistance to laid-off workers while they look for new work. Bitcoin fell back below the $20k mark and most altcoins followed suit.
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