Mercado Bitcoin 2TM parent company gets $ 50 million to push expansion

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2TM Participacoes, the parent company of Brazil’s largest cryptocurrency exchange, Mercado Bitcoin, recently raised $ 50 million from investors to continue its expansion plan.

Expansion of encryption service in Latin America

According to a report released by Bloomberg on Tuesday, the company will use the funds to increase its product offering and expand its services to other Latin American markets, including Chile, Argentina, Mexico and Colombia.

2TM’s funding round received the support of several notable investors. These include well-known US private equity firm 10T Holdings, San Francisco-based venture capital fund Tribe Capital, Brazilian venture capital firm PIPO Capital Gestao de Investimentos Ltda, firm TC Traders Club SA based in Sao Paulo and Endeavor Brasil.

Speaking on the latest cash injection, 2TM co-founder Gustavo Chamati said:

“After a tortuous path trying to explain such a disruptive technology as blockchain, we are now able to convince Brazilian investors of its possibilities and also venture capitalists of the potential of Latin American markets… we are very happy to ‘bring specialized investors such as Tribe Capital and 10T Holdings to our business.

The latest $ 50 million funding, according to the report, is part of its Series B investment cycle that began with a $ 200 million hike from the Japanese multinational conglomerate holding company, Softbank Group Corp.

Recall that earlier in July, SoftBank invested $ 200 million in Mercado Bitcoin through its Latin American Fund, a cash injection that made the company the second largest crypto unicorn in Latin America valued at $ 2.1 billion. dollars.

The impressive performance of Mercado Bitcoin

Founded in 2013, Mercado Bitcoin has grown to become the largest crypto exchange in Brazil in terms of market valuation.

This year alone, following the surge in interest in cryptocurrencies, the company reached over 3 million customers and traded over $ 7 billion.

In addition, its parent company, 2TM, acquired several companies in Brazil and increased its workforce from 200 to 700, in 2021.

Mercado Bitcoin CEO Robert Dagnoni said the company intends to become a blockchain infrastructure provider for Latin American financial markets.

Chamati revealed that the company is looking to secure another round of private funding before going into public action.

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