Home News Mercado Bitcoin parent company 2TM raises $50M

Mercado Bitcoin parent company 2TM raises $50M

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2TM Group, the parent company of the Brazilian cryptocurrency exchange Mercado Bitcoin, has closed an extended Series B funding round of $50.3 million. The Block reported this.

In July, 2TM Group raised $200 million from SoftBank Latin America Fund, becoming the eighth largest “unicorn” in Latin America. Moreover, the exchange expects to increase its team to 700 employees by the end of 2021.

Thus, among the new investors are American funds Tribe Capital and 10T. As well as Brazilian companies Traders Club, Endeavour and Pipo Capital.

The leading cryptocurrency exchange in Latin America

2TM will direct the funds raised to expand in Latin America. Furthermore, the company named Argentina, Chile, Colombia and Mexico as “priority areas” for business development.

According to the firm’s statement, Mercado Bitcoin is the leading cryptocurrency exchange in the region. From January to October, the trading volume amounted to 40 billion reais (about $7.1 billion at the current exchange rate).

In addition, 2TM is investing in various blockchain ventures such as stock lending marketplace SL Tools, credit receivable tokens with bank Itaú Unibanco, renewable energy tokens, and NFT startups.

Blockchain, smart contracts and crypto-assets

Earlier in January, Mercado Bitcoin raised $37.4 million to expand its presence in Latin American markets. GP Investimentos and Parallax Ventures led the investment round. The participants were Fundo Evora, Ze Bonchristiano, HS Investimentos FIP, Banco Plural and Gear Ventures.

“Our long-term goal is to participate in the creation of a new infrastructure for the International Monetary Fund (IMF) based on blockchain, smart contracts and crypto-assets”. Said Reinaldo Rabelo, Chief Executife Officer of Mercado Bitcoin.

The exchange also invests in the Bitrust custodial service and the Meubank wallet, which allows storing digital assets. “We want to develop the cryptocurrency ecosystem in Brazil and create the same developed market as in the United States,” Rabelo noted.

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