The parent company of Mercado Bitcoin, 2TM Participacoes, recently raised $50 million from investors to bolster the expansion of the project in Latin America so let’s find out more in today’s Bitcoin latest news.
The parent company of Mercado Bitcoin in Brazil raised $50 million from investors to bolster expansion. According to reports, the company will use the funds to increase the product that offers and expands services to other Latin American countries like Argentina, Mexico, Chile, and Colombia. 21TM’s funding round got huge support from notable investors like the US private equity company 10T holdings, Tribe Capital, PIPO Capital Gestao De Investimentos LTDA, TC Traders Club SA, and Endeavor Brasil. The co-founder of the company 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.”
According to the report, $50 million funding came from a Series B investment round which had started with a $200 million raise from the Japanese multinational holding company Softbank Group Corp. SoftBank even invested $200 million in Mercado Bitcoin via its Latin American Fund which helped the company to become the second biggest crypto unicorn in Latin America worth $2.1 billion. Founded in 2013, Mercado Bitcoin grew to become the biggest exchange in Brazil by market value, and this year alone, following the surge in interest in crypto, the company reached over 3 million customers and traded more than $7 billion.
The parent company 2TM Participacoes, acquired multiple Brazilian companies and got a rise in headcount from 200 to 700. Mercado Bitcoin CEO Robert Dagoni also said that the company intends to become a blockcahin infrastructure provider for financial markets in the region while Chamti said the company is looking to secure one more private funding round before going public. MercadoLibre is a huge e-commerce site from Latin America and it is stepping up its game in crypto after a few successful experiences. A senior executive announced that in the next few weeks, the company will enable a service for selling, buying, and saving crypto that is available to customers in Brazil.
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