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Softbank-Backed 2TM Cuts About 90 Jobs as Crypto Winter Lingers

  • Layoff hits more than 10% of Mercado Bitcoin owner’s staff
  • Brazilian company says decision prompted by economic climate

2TM Participacoes SA, the holding company that owns Brazil’s Mercado Bitcoin SA, has dismissed about 90 employees, more than 10% of its workforce, according to people familiar with the matter, who asked not to be named because the number isn’t public.

In a statement, which did not include the exact number of people affected, 2TM said the measure was necessary because of the macroeconomic climate. The statement cited rising interest rates, inflation, and current global financial conditions. O Estado de S. Paulo, a Brazilian newspaper, first reported 2TM’s layoffs.