Softbank is investing $ 200 million in the Brazilian crypto exchange Mercado Bitcoin
Mercado BItcoin is the leading crypto exchange in Latin America. (Image: Mercado Bitcoin)
With 200 million US dollars, Softbank is investing in the largest crypto exchange in Latin America. The fresh capital raises the market value of the 2TM Group, the operator of the Mercado Bitcoin exchange, to 2.1 billion dollars.
The latest Softbank investment promotes 2TM Group to the 8th most valuable unicorns in Latin America. The financing round, led by the Softbank Latin America Fund, also represents the largest Series B round in Latin American history and Softbank’s largest investment in a Latin American crypto company.
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Fresh capital should finance growth
The capital injection wants Mercado Bitcoin use for growth. The offer of the crypto exchange is to be expanded, the infrastructure expanded. The aim is to meet the increasing crypto demand in the region. In addition, the number of employees is to increase to 700 by the end of the year.
Subject to the necessary official approvals, the 2TM Group also wants to launch the new Meubank and Bitrust offers. Meubank will be a digital wallet provider and Bitrust will be the first digital custodian in Latin America.
“Millions of people around the world are realizing that digital assets and cryptocurrencies are both innovative technologies and efficient stores of value – Brazil is no exception to this trend. This Series B round will allow us to continue investing in our infrastructure so that we can scale and meet the increasing demand in the blockchain-based financial market, ”said Roberto Dagnoni, Managing Director of the 2TM Group.
Rapid growth in customer numbers and trading volume
Mercado Bitcoin was able to expand its customer base by around 700,000 new customers to a total of 2.8 million in the period from January to May 2021 alone. During the same period, the exchange’s trading volume rose to five billion dollars, exceeding the total for the cumulative first seven years.
The 2TM Group is not worried about the globally increasing regulation of the crypto sector. The philosophy of close cooperation with the regulatory authorities is pursued there. The aim is to create a uniform framework for alternative digital investments in Brazil that is fair to both sides. In the end, the 2TM Group wants to achieve the convergence of traditional and blockchain-based financial markets.
