2TM Group, the parent company of Brazilian cryptocurrency exchange Mercado Bitcoin, has announced layoffs amid the negative situation in the global economy. CoinDesk writes about it.

“The changing global financial landscape, rising interest rates and inflation have had a huge impact on tech companies,” the statement said.

The company did not specify the number of employees laid off. Its representatives stated that “the scenario requires adjustments that go beyond reducing operating costs.” According to the publication, we can mention 86 positions.

In December 2021, 2TM Group closed a $50.3 million Series B extended funding round. Prior to that, the firm had raised $200 million from SoftBank Latin America Fund, making it the eighth largest “Unicorn” in the area.

Previously, Mercado Bitcoin received $37.4 million to expand its presence in Latin American markets.

The cuts were also announced by Bahraini cryptocurrency exchange Rain Financial, according to Bloomberg. Sources said the layoffs would affect “a number of department employees”.

“Cryptocurrencies and global markets continue to slow down, affecting businesses worldwide. We had to make tough decisions to get through this period of uncertainty,” explained co-founder Joseph Dallago.

In 2021, Rain Financial raised $6 million in its Series A funding round and closed its $110 million Series B round.

Recall that in May 2022, Bitso, Latin America’s largest cryptocurrency exchange, optimized staff by “rethinking necessary employee competencies”.

That same month, bitcoin exchange learned about Coinbase’s decision to suspend worker recruitment and cut spending on Amazon Web Services as part of a series of measures to cut costs.

The layoffs were also reported by online broker Robinhood and cryptocurrency exchange Gemini, owned by the Winklevoss brothers.