SoftBank Invests $200 Million in Brazilian Bitcoin Exchange

2TM Group, the parent company of Brazilian cryptocurrency exchange Mercado Bitcoin, raised $200 million from SoftBank Latin America Fund in a Series B funding round.

According to the press release, as a result of the latest investment, the valuation of 2TM Group reached $2.1 billion, and the firm became the eighth-largest «unicorn» in Latin America.

Mercado Bitcoin plans to deploy the raised capital to scale the business and develop infrastructure. The exchange expects to grow its team to 700 employees by the end of 2021.

2TM Group intends to broaden its portfolio through financing, which will include the wallet provider MeuBank and custodian Bitrust, after obtaining regulatory approvals.

«Millions of people around the world recognize that digital assets and cryptocurrencies are simultaneously innovative technologies and effective stores of value. Brazil is no exception to this trend. The Series B round will allow us to continue investing in our infrastructure, which will help scale operations and meet growing demand in a blockchain-based financial market,» — said Roberto Dagnoni, CEO of 2TM Group.

The exchange counts 2.8 million users, of whom about 700,000 joined since the start of 2021. The platform calls itself the largest in Latin America.

Earlier in January, Mercado Bitcoin raised $37.4 million to expand its presence in regional markets.

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