SoftBank invested $200 million in Brazil’s Biggest exchange Mercado Bitcoin in a recent Series B funding as we can see more in our cryptocurrency news today.
The Japanese banking giant SoftBank invested $200 million in Mercado Bitcoin according to recent reports and executive chairman Robert Dagnoni and CEO of 2TM which Is the parent company of Mercado bitcoin, noted that this move represents the biggest Series B funding round in Latin America and its biggest investment in the crypto company. Mercado Bitcoin intends to use the fresh capital and expand its offerings outside of the confines of the Matin American market to scale its operations and invest in new infrastructure that will help it meet the rising demand for crypto-related services in the country. Dagoni said:
“The platform is quite integrated. So custody is very important in releasing the power of the institutional market. We’re also looking at regional expansions in LatAm and expansions via M&A [mergers and acquisitions] as well.”
The latest investment brought 2TM’s valuation to $2.1 billion which is making it the second-largest crypto unicorn company in LatAm. The funding came at a time when Mercado Bitcoin experienced an impressive half of the year and the trading platform was launched in 2013 and grew immensely since then. The company noted that between January and May of this year, about 700,000 new customers joined the platform and the increase brings its client base to 2.8 million which is about 70% of the entire individual investor base in Brazil’s stock exchange. The exchange revealed that the trading volume during the first five months of the year surged to $5 billion which is higher than the total volume that it saw for its seven years combined.
The development is quite positive as one of the funding came at a time when the market is saturated with FUD amid the various regulatory crackdown in China. Billions of dollars were wiped off the industry since May as BTC experienced a huge crash. Reports confirmed that the downward spiral was caused because of FUD as well as Musk’s concerns about Bitcoin’s energy consumption.
As reported recently, SoftBank the telecom carrier of Japan launched its SBC Wallet Card (Softbank Card 3.0), in which there is an integrated blockchain wallet. In addition to the basic features of a conventional bank card, Softbank Card 3.0 integrates numerous functions.
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