2TM, the holding company for Mercado Bitcoin, Brazil’s largest crypto exchange by market valuation, raised an extra $50.3 million in a second closing of its Series B investment round.
Mercado Bitcoin raised $200 million in a first closing sponsored by the SoftBank Latin America Fund in June, valued at $2.1 billion.
According to the company, new investors include 10T, a crypto-focused private equity firm, and Tribe Capital, a venture capital firm with interests in crypto exchanges FTX and Kraken.
“Our international expansion and expanding offering of new goods based on the technology that gave birth to bitcoin are just getting started.” “Tribe and 10T will provide their knowledge in the blockchain industry, which is more important than the sum invested,” said 2TM CEO Roberto Dagnoni in a statement.
Dagnoni stated that 2TM intends to grow operations in Latin America, naming Argentina, Chile, Colombia, and Mexico as “major priorities.”
According to Dagnoni, Mercado Bitcoin presently has 3.2 million users, which accounts for 80 percent of the accounts held by individuals on the Brazilian stock market. He also stated that Mercado Bitcoin’s trading volume surpassed $7 billion between January and October 2021.
“On top of that, we have added over 400,000 new clients since the current round launched and expect to have more than 100 assets listed by the end of the year,” Dagnoni said in a statement.
Dagnoni stated that 2TM intends to create credit receivables tokens in collaboration with Ita Unibanco, one of the largest Brazilian banks. He also mentioned that the company is working on the introduction of two sustainable energy tokens in collaboration with local energy broker Comerc.
According to the company, Mercado Bitcoin already has over 3.2 million customers, which is equivalent to nearly 80% of individual accounts active on the Brazilian stock exchange. According to 2TM CEO Roberto Dagnoni, trade volumes topped $7 billion in the first ten months of 2021.
The expanding user base of Mercado shows increased retail interest in digital asset investment at a time when Latin American economies are grappling with hyperinflation and other budgetary difficulties. Regulators in Brazil, Mercado Bitcoin’s native country, have backed laws to assist the continued growth of crypto investing. BTG Pactual, a leading investment bank, has also established a new platform to make it easier for consumers to access cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) (ETH).
When asked what other factors are driving crypto adoption in the region, a Mercado Bitcoin representative informed Cointelegraph that incentives vary by country. “For example, in Brazil, the key driver is as [an] alternative investment class,” according to the representative. “Remittances account for a sizable portion of total volume drivers in Mexico. Stablecoins are being widely used in Argentina to protect against currency fluctuations.”