Parent Company Mercado Bitcoin 2TM Raises $ 50 Million, Bolstering Unicorn Status

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2TM, the parent company of Brazilian cryptocurrency exchange Mercado Bitcoin, has received $ 50.3 million in new funding to expand operations across Latin America, sending a strong signal that venture capital sees potential. growth in the region.

The Series B fundraiser benefited from participation by US funds 10T and Tribal Capital, as well as Brazilian companies Traders Club, Pipo Capital and Endeavor, the company said on Tuesday.

The funding round bolsters 2TM’s status as a crypto unicorn after the company raised $ 200 million from SoftBank in July. At the time, Mercado Bitcoin was the second cryptocurrency exchange in Latin America to eclipse the billion dollar value.

Brazil’s first #Bitcoin exchange, Mercado Bitcoin, just raised $ 200 million from SoftBank! – CoinTelegraph

– Bitcoin Archive (@BTC_Archive) July 1, 2021

Mercado Bitcoin now has more than 3.2 million customers, which is equivalent to around 80% of active individual accounts on the Brazilian stock exchange, the company said. Trade volume reached $ 7 billion in the first 10 months of 2021, according to 2TM CEO Roberto Dagnoni.

Mercado’s growing user base reflects the increased interest of retailers in investing in digital assets at a time when Latin American economies grapple with hyperinflation and other fiscal pressures. In Brazil, the original base of Mercado Bitcoin, regulators have approved legislation that would support the continued growth of crypto investments. Leading investment bank BTG Pactual has also launched a new platform to make it easier for users to access cryptocurrencies such as Bitcoin (BTC) and Ether (ETH).

Asked about other factors driving the adoption of crypto in the region, a spokesperson for Mercado Bitcoin told Cointelegraph that the motivations vary from country to country. “For example, in Brazil, the main driver is also [an] alternative investment class, ”the spokesperson said. “In Mexico, remittances are an important part of the drivers of overall volume. In Argentina, there is a much more intensive adoption of stablecoins to protect against currency fluctuations. “

Related: Latin America’s Largest Cryptocurrency Exchange To Develop Renewable Energy Tokens

The cryptocurrency industry is now home to dozens of prominent unicorns and at least three multi-billion dollar investment funds. As Cointelegraph reported on Monday, former Citi banker Matt Zhang launched a $ 1.5 billion crypto venture capital fund to support promising coins in blockchain infrastructure, worlds virtual and programmable money.

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