Mercado Bitcoin parent company 2TM raises a further $50m

The holding company of Mercado Bitcoin – one of Brazil’s largest cryptocurrency exchanges – has received $50m in the latest round of the Series B fundraiser.

The extra funding for 2TM not only enables the firm to further build its operations across Latin America but also cement its position as a crypto unicorn.

The $200m 2TM managed to raise in July – through investment from SoftBank – enabled Mercado Bitcoin to become just the second Latin American cryptocurrency exchange to surpass the $1 billion valuation mark.

Investment in this latest round of fundraising emerged from the likes of United States-based funds 10T – a private equity firm – and Tribal Capital, a venture capital firm with investments in cryptocurrency exchanges FTX and Kraken.

Roberto Dagnoni, 2TM CEO, said international expansion was only just beginning and highlighted the company’s aims for the end of 2021.

“Our international expansion and the increasing offer of new products based on the technology that gave life to Bitcoin are just beginning,” he said.

“We have added more than 400,000 new clients since we launched the current round and plan to have more than 100 assets listed by year-end.”

Mercado Bitcoin growth

It’s been a successful year for the Brazilian-based exchange, beginning with its Series A funding round in January 2021, which saw participation from G2D/GP Investments and J.P Morgan.

The further $200m raised in July coupled with the $50m this month means 2TM is now targeting Argentina, Mexico, Chile, and Colombia as markets to expand, according to Dagnoni.

Mercado Bitcoin possesses 3.2m customers, equivalent to more than 80% of the individual accounts on the exchange, said the company.

Dagnoni revealed that 2TM has partnered with Itaú Unibanco – one of Brazil’s largest banks – in the issuing of credit receivables tokens.

 

 

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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