2TM Participacoes is the parent company to Brazil’s largest cryptocurrency exchange, Mercado Bitcoin. It has raised $50 million from investors in order to expand its business.
Crypto Service Expansion in LatAm
Bloomberg reports that the company will use the funds in order to expand its product range and to offer services to other Latin American countries, such as Chile, Argentina and Mexico.
Notable investors supported 2TM’s funding round. These include the US-based private equity firm 10T Holdings and Tribe Capital, a venture capital fund based in San Francisco. The Brazilian venture capital firm PIPO Capital Gestao De Investimentos Limiteda is also supported by Endeavor Brasil.
Gustavo Chamati, co-founder of 2TM, spoke out about the latest cash injection.
“We have spent a long time trying to explain blockchain technology to Brazilian investors. Venture capitalists also saw the potential for Latin American markets. We are happy to welcome to our firm Tribe Capital and 10T Holdings, who are specialized investors.
According to the report, the latest $50m funding is part of the Series B round. This investment round began with a $200m raise from Softbank Group Corp, a Japanese multinational conglomerate holding firm.
Remember that SoftBank had invested $200 million in Mercado Bitcoin via the Latin American Fund in July. This cash injection made the company the second largest crypto unicorn in Latin America, valued at $2.1billion.
Mercado Bitcoin’s Impressive Performance
Mercado Bitcoin was founded in 2013 and has since grown to be the largest cryptocurrency exchange in Brazil based on market value.
The firm has traded over $7 billion and reached more than 3 million customers in the last year, thanks to the huge surge in interest in cryptocurrency.
In addition, 2TM acquired several Brazilian companies and increased its headcount by 200 to 700 in 2021.
Robert Dagnoni, CEO of Mercado Bitcoin, stated that the company plans to be a provider of blockchain infrastructure for Latin American financial markets.
Chamati said that the company is seeking additional private funding before going public.
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