2TM Participacoes, the parent company of Brazil’s largest cryptocurrency exchange, Mercado Bitcoin, has recently raised $50 million from investors to further its expansion project.
Crypto Service Expansion in LatAm
According to a Tuesday report by Bloomberg, 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 support from several notable investors. These include the popular US private equity firm 10T Holdings, San Francisco-based venture capital fund Tribe Capital, Brazilian venture capital company PIPO Capital Gestao de Investimentos Ltda, Sao Paulo-based firm TC Traders Club SA, and Endeavor Brasil.
Speaking on the latest cash injection, 2TM co-founder Gustavo Chamati said:
“After a torturous path trying to explain a technology as disruptive as blockchain, we are now able to convince Brazilian investors about its possibilities and also venture capitalists about the potential of Latin American markets… we are very happy to bring to our firm specialized investors such as Tribe Capital and 10T Holdings.”
Per the report, the latest $50 million funding comes as part of its Series B investment round that had started with a $200 million raise from the Japanese multinational conglomerate holding company, Softbank Group Corp.
Recall that earlier in July, SoftBank invested $200 million in Mercado Bitcoin via its Latin American Fund, a cash injection that made the company the second-largest crypto unicorn in Latin America valued at $2.1 billion.
Mercado Bitcoin’s Impressive Performance
Founded in 2013, Mercado Bitcoin has grown to become the largest crypto exchange in Brazil by market valuation.
This year alone, following the massive surge in interest in cryptocurrencies, the firm reached over 3 million customers and traded more than $7 billion.
Additionally, its parent company, 2TM, acquired several companies in Brazil and increased its headcount from 200 to 700, in 2021.
Mercado Bitcoin CEO Robert Dagnoni commented that the company intends to become a blockchain infrastructure provider for financial markets in Latin America.
Chamati revealed that the company is looking to secure one more private funding round before making a move to go public.