Mercado Bitcoin is one of the well-known crypto exchanges in the Latin American region and was founded by a Latam unicorn called 2TM Group. Taking into account the condition of the cryptocurrency market, the parent company of the exchange announced recently that there will be a series of layoffs. According to the company, they have decided to take this action in light of the changes that are taking place in the global financial scenario. Therefore, 2TM Group has been forced to reconsider its position and has no other option than to cut down its operating expenses.

There are a number of negative changes that have occurred in the crypto market of late and this has prompted numerous companies all over the world, along with those in Latam, to prepare for them. Brazilian unicorn 2TM Group has announced layoffs that will help it to continue its operations. Local media reported that the company is planning on letting go almost 10% of its operating staff, which brings it to about 90 workers from a total workforce comprising of 750 people. The company said that it was the cooldown in the crypto market that had pushed the company to take this step, along with the rising inflation and increasing interest rates.

The company said that the adjustments they need to make go beyond simply reducing their operating expenses because of which they also have to dismiss some of their staff. It was further disclosed that they had honored every employee and had been honest and transparent. Moreover, every employee being laid off has also been offered a package of benefits, which include helping them relocate as well as an extended health plan. 2TM is not the only company in the crypto space that has made such a move.

There are several other crypto firms that have changed their hiring programs, or have begun to lay off their staff in order to deal with the cooldown in the crypto industry. One of the most renowned crypto exchanges based in the US, Coinbase not only announced that it was halting its hiring program, but went as far as rescinding the job offers that had already been accepted, but employees had not begun to work for the company. Likewise, Latin American companies and platforms have also made similar moves when it comes to cutting down their staff.

Buenbit and Bitsowere some other exchanges that also made changes to their labor department, as they laid off some of their employees in order to secure their future. There had also been talks that Coinbase could acquire the company back in March, but the negotiations in had been abandoned in May, as per reports. Along with these companies, Gemini crypto exchange also recently announced that they were planning to let their staff go because of the crypto market condition. A similar trend had been seen back in 2018 when crypto winter had struck and it had lasted till 2020, after which demand had gone up.