2TM, the dad or mum firm of Brazilian cryptocurrency trade Mercado Bitcoin, has acquired $50.3 million in recent financing to broaden its operations throughout Latin America, sending a powerful sign that enterprise capital sees progress potential within the area.
The Collection B fundraiser had participation from United States-based funds 10T and Tribe Capital, in addition to Brazilian firms Merchants Membership, Pipo Capital and Endeavor, the corporate disclosed Tuesday.
The funding spherical additional cements 2TM’s standing as a crypto unicorn after the corporate raised $200 million from SoftBank in July. On the time, Mercado Bitcoin was the second Latin American cryptocurrency trade to eclipse the $1 billion valuation mark.
Brazil’s first #Bitcoin trade, Mercado Bitcoin, simply raised $200m from SoftBank! – CoinTelegraph
— Bitcoin Archive (@BTC_Archive) July 1, 2021
Mercado Bitcoin now boasts of over 3.2 million clients, which is equal to roughly 80% of particular person accounts lively on the Brazilian inventory trade, the corporate mentioned. Commerce volumes reached $7 billion within the first 10 months of 2021, in line with 2TM CEO Roberto Dagnoni.
Mercado’s rising consumer base displays heightened retail curiosity in digital asset investing at a time when economies throughout Latin America are fighting hyperinflation and different fiscal pressures. In Brazil, Mercado Bitcoin’s dwelling base, regulators have endorsed laws that will assist the continued progress of crypto investing. Main funding financial institution BTG Pactual has additionally launched a brand new platform to make it simpler for customers to entry cryptocurrencies comparable to Bitcoin (BTC) and Ether (ETH).
When requested about what different elements are driving crypto adoption within the area, a Mercado Bitcoin spokesperson advised Cointelegraph that motivations range throughout international locations. “For instance, in Brazil, the principle driver is as [an] various funding class,” the spokesperson mentioned. “In Mexico, remittances are a big a part of the general quantity drivers. In Argentina, there’s a far more intensive adoption of stablecoins to guard from forex fluctuation.”
Associated: Largest cryptocurrency trade in Latin America to develop renewable vitality tokens
The cryptocurrency trade is now dwelling to dozens of high-profile unicorns and no less than three multi-billion-dollar funding funds. As Cointelegraph reported on Monday, former Citi banker Matt Zhang has launched a $1.5 billion crypto enterprise fund to again promising performs within the domains of blockchain infrastructure, digital worlds and programmable cash.
