2TM Group, the parent company of Brazilian crypto exchange Mercado Bitcoin, has just laid off 15% of its staff following another round of dismissals in June.
According to the company, the lack of regulation of the industry in Brazil puts local crypto companies at a disadvantage.
The press release reads:
“At 2TM, we have combined brands and completed the integration of companies acquired in 2021 to increase efficiency and synergy. However, the economic woes continue and the competitive environment is deteriorating and unfair without an established legal framework for crypto assets. Players who abide by the laws lose out to companies that ignore local regulations.”
The company did not name the number of laid-off employees in June.
In December last year, 2TM Group completed a $50.3 million Series B extended funding round. Prior to that, the firm raised $200 million from the SoftBank Latin America Fund.