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 90 employees.
What they’re saying. In a press release, the group stated that “the challenges imposed by the global economy have been affecting innovation segments around the world” and that economic adversity made it necessary to downsize its workforce and force the group to focus on “portfolio reordering and cost optimization.”
Crypto winter. The crypto market is going through its so-called “winter,” that is, a period of strong devaluation. In part, these declines in value can be explained by the general sentiment of risk aversion in global markets.
- This, in turn, is driven by the wider environment in which stimulus is being withdrawn by central...
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