2TM, the guardian 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 development potential within the area.
The Sequence B fundraiser had participation from United States-based funds 10T and Tribal Capital, in addition to Brazilian corporations 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 energetic on the Brazilian inventory trade, the corporate mentioned. Commerce volumes reached $7 billion within the first 10 months of 2021, in keeping with 2TM CEO Roberto Dagnoni.
Mercado’s rising person base displays heightened retail curiosity in digital asset investing at a time when economies throughout Latin America are struggling with hyperinflation and other fiscal pressures. In Brazil, Mercado Bitcoin’s house base, regulators have endorsed legislation that might assist the continued development 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 resembling Bitcoin (BTC) and Ether (ETH).
When requested about what different elements are driving crypto adoption within the area, a Mercado Bitcoin spokesperson instructed Cointelegraph that motivations fluctuate throughout nations. “For instance, in Brazil, the principle driver is as [an] different funding class,” the spokesperson mentioned. “In Mexico, remittances are a major a part of the general quantity drivers. In Argentina, there’s a rather more intensive adoption of stablecoins to guard from forex fluctuation.”
The cryptocurrency trade is now house to dozens of high-profile unicorns and at the least 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.