Mercado Bitcoin to expand into Mexico

Mercado Bitcoin, a Brazilian cryptocurrency exchange, plans to expand into the Mexican market. The company expects regulatory clearance from local authorities, said the platform’s CEO Reinaldo Rabelo in a comment to Cointelegraph.

According to him, the exchange intends to broaden its geographic scope in 2022. The executive did not disclose details.

In April, Rabelo named acquiring foreign companies “the simplest way” to enter new markets. He said these firms already operate under the laws of a given jurisdiction.

“Therefore, mergers are the more obvious choice [for expansion],” the exchange’s CEO stressed.

At the end of 2021, 2TM Group, Mercado Bitcoin’s parent company, closed an expanded Series B financing round of $50.3 million.

Before that, the firm attracted $200 million from SoftBank Latin America Fund, becoming the eighth-largest “unicorn” in the region.

Earlier, Mercado Bitcoin received $37.4 million to expand its presence in Latin American markets.

In the summer of 2022, 2TM Group announced layoffs amid a challenging global economy.

Earlier, a number of well-known industry players announced layoffs, including Coinbase, Crypto.com, BlockFi, BitMEX, Bitpanda, mining company Compass Mining and NFT marketplace OpenSea.

Bitcoin exchange Gemini warned of a second wave of optimization.

The CEO of Binance, Changpeng Zhao, for his part, called the crypto-winter an opportune time to hire new staff. Plans to hire more than three hundred specialists were announced by KuCoin CEO Johnny Lyu.

Follow ForkLog’s bitcoin news on our Telegram — cryptocurrency news, prices and analysis.