Brazilian bitcoin exchange Mercado Bitcoin raises $37m for international expansion

Brazilian bitcoin exchange Mercado Bitcoin will expand its footprint in Latin America. The company said this after raising 200 million reais ($37.4 million).

It is with pride that we announce this contribution that will allocate R$ 200 million for our growth in 2021.

In eight years, we have already done a lot for the market. In the next eight, we will do much more. Come with us! 🚀

Learn more: https://t.co/Q00NkMzCmG

— Mercado Bitcoin (@MercadoBitcoin) January 21, 2021

Investment round was led by GP Investimentos and Parallax Ventures. Participants included Fundo Evora, Ze Bonchristiano, HS Investimentos FIP, Banco Plural and Gear Ventures.

Priority development directions named by the exchange include Mexico, Chile and Argentina.

“Our long-term goal is to participate in creating a new infrastructure for the financial market (IMF), based on blockchain, smart contracts and crypto assets,” said Mercado Bitcoin head Reinaldo Rabelo.

The exchange is also investing in custodial service Bitrust and the Meubank wallet, which allows storing digital assets.

“We want to develop the cryptocurrency ecosystem in Brazil and create a market as developed as in the United States,” noted Rabelo.

According to CoinGecko, in the last 24 hours trading volume on Mercado Bitcoin amounted to $23.6 million.

In December 2020, Latin America’s largest crypto exchange Bitso raised $62 million for development and expansion into new markets.

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