Tech

Tech roundup: Crypto winter intensifies in Brazil with mass layoffs

Monetary tightening and fears of global recession have created a difficult environment for crypto. Regulation of crypto exchanges is also pending, though may wait until after elections

crypto market brazil
Illustration: Shutterstock

Welcome to our Tech roundup, with the biggest stories on technology and innovation in Brazil. This week: Challenges for the crypto market in Brazil.

The 2TM group, which controls Brazil’s biggest crypto exchange Mercado Bitcoin, laid off 15 percent of its workforce last week in all departments, including back-office positions, such as support and service.

The group also announced a business repositioning to prioritize infrastructure and products less dependent on the performance of cryptocurrencies, which have seen values plummet in recent months.

Sacking. This is the group’s second wave of layoffs this year. At the end of May, 2TM fired...

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