Brazilian Bitcoin Exchange Raises $50 Million
2TM, the company that owns Mercado Bitcoin, was worth $200M in July and now is worth almost $2.15 B. This year, Mercado Bitcoin had over 3M customers, while the country’s stock exchange had 3.8 million personal investor accounts.
Bloomberg reported that 2TM, Mercado Bitcoin holder, has raised an additional $50M in a deal to expand that began with $200 million from the previously mentioned SoftBank Group Corp.
A venture capital fund based in San Francisco, private equity company 0T Holdings and Tribe Capital, which has invested in Kraken and FTX, both made good investment decisions. PIPO Capital Gestao de Investimentos Ltd, a Brazilian venture capital firm, is also taking part in the turn.
2TM co-founder Gustavo Chamati said they were finally capable of convincing potential Brazilian investors about its hopes and venture capitalists about the potential in the Latin American markets after a tortured route attempting to explain a disruptive technology like blockchain.
The profits of the investment, according to Chamati, will be used to expand the company and develop new goods. Mexico, Argentina, Chile, and Columbia are among the countries where his company plans to develop.
2TM CEO Roberto Dagnoni also mentioned how glad they were to bring specialized investors such as 10T Holdings and Tribe Capital to their firm. Also adding that the company plans to raise one more round of private funding before going public.
In 2013, the first exchange in Brazil, and it has since evolved to a unicorn firm. In the first semester of 2021, there seemed to be 3.8 M private investor accounts on the country’s stock exchange. 2TM Mercado Bitcoin has over 3M clients, transacting over $7.1B, more than the preceding three years combined.