2TM Group, the parent company of Brazilian cryptocurrency exchange Mercado Bitcoin, has cut its staff by 15% after layoffs in June. Reported by The Block.

The firm noted that the lack of regulation of the industry in Brazil puts local crypto companies at a disadvantage.

“At 2TM, we merged brands and completed the integration of companies we acquired in 2021 to increase efficiency and synergy. However, economic woes persist and without an established legal framework for crypto-assets, the competitive landscape worsens and becomes unfair. Law-abiding players lose to companies that ignore local regulations.

In June, the company did not disclose the number of employees laid off.

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

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

Recall that in July, the head of the stock market, Reinaldo Rabelo, announced plans to expand the service delivery to the Mexican market.

In May, Mexico’s largest crypto trading platform Bitso laid off 80 employees.

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