The leading cryptocurrency exchange in Brazil, Mercado Bitcoin, recently announced its plans for a regional expansion. The top Brazil exchange managed to raise $38 million USD and named Chile, Argentina and Mexico as the likely destinations for an expansion.
As we can see in the Bitcoin news now, the exchange is ready to expand and its CEO named Reinaldo Rabelo named the three countries as the potential regions where it could do that. The reason behind this is simple – he said that the “regulatory culture” in those countries is more favorable than Brazil’s.
According to a publication known as Useful Tulips, Mexico now ranks as the fourt-largest Latin American country by peer-to-peer Bitcoin trading volume. Chile is ranking on the 5th place, while Argentina holds the seventh place.
We can notice a strong P2P trade volume, suggesting that there might be significant demand from local traders which is not met by centralized platforms. Also, we could see that the top Brazil exchange made the announcement alongside news of an investment round which saw Mercado Bitcoin raising more than $38 million from different venture capital firms. Some of the big names in this investment round included Parallax Ventures, Evora Fund, and Banco Plural.
Now, the top Brazil exchange is ready to use some of the funds and expand, catering to institutional investors. As they said, they are ready to invest in the digital wallet Meubank, so that their customers can store crypto assets, gaming collectibles as well as other digital assets.
“We want to develop the crypto ecosystem in Brazil and create a market as developed as that of the United States. To do this, we want to be one of the five largest digital exchanges in the world,” Rabelo stated. “Our long-term purpose is to participate in the construction of a new infrastructure for the financial market based on blockchain, smart contracts, and crypto assets.”
Despite being the top Brazil exchange for trading crypto in terms of volumes (with more than $3.7 billion in trade since its launch in 2013), the exchange operated only in Brazil. Therefore, an expansion like this could help it accumulate more users and grow its user base, which has already grown from 1 million to 2.2 million in the past two years.
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