2TM seeks acquisitions to enter other Latin American markets

2TM, backed by SoftBank Group has said it plans to expand into Mexico, Colombia, Chile and Argentina to become a provider of blockchain infrastructure for financial markets in the region.

Chief Executive Officer Roberto Dagnoni said the company’s goal was “to go global and participate only in the regulated markets”.

2TM, the owner of Brazilian crypto brokerage Mercado Bitcoin SA, already possesses a few companies in the country with more than 700 employees.

Some of its high profile acquisitions include Lucas Chaise, a former partner at XP Inc, Andre Gouvinhas and Daniel Carneiro da Cunha, former partners at DealMaker Consultoria e Participacoes.

2TM services depend on nations’ need

The SoftBank Latin America Fund announced a $200m investment in Sao Paulo-based 2TM in July, valuing the company at $2.1bn.

Last year, it got approximately $36 million from GP Investments and Parallax Ventures.

Dagnoni added demand for the company’s services varied from nation to nation.

“Mexico, for instance, has a big remittance demand, because of Mexicans who work in the US and send money back to their families,” he explained.

“nd Argentines want stablecoins backed by the dollar, due to the peso’s volatility.”