SoftBank invests $ 200 million in Brazil’s largest exchange
SoftBank invested $ 200 million in Brazil’s largest exchange, Mercado Bitcoin, in a recent Series B funding, as we can see more on their crypto news today.
According to recent reports, Japanese banking giant SoftBank has invested $ 200 million in Mercado Bitcoin, and chairman Robert Dagnoni and CEO of 2TM, the parent company of Bitcoin Mercado, noted that the move marks the largest Series B financing round in Latin America and its largest investment in a cryptocurrency company. Mercado Bitcoin intends to take advantage of the new funding and expand its services beyond the boundaries of the U.S. Matin market to expand its operations and invest in new infrastructure that will help it meet the demands of the day in the country . Dagoni says:
“The platform is pretty integrated. Hence, custody is vital to unleash the power of the institutional market. We are also looking into regional expansion in Latin America and expansion through M&A [mergers and acquisitions] Likewise.”
The latest investment increased the value from 2TM to $ 2.1 billion, making it the second largest crypto unicorn company in LatAm. The financing came at a time when Mercado Bitcoin had an impressive half year behind it and the trading platform was launched in 2013 and has grown tremendously since then. The company notes that between January and May of this year, about 700,000 new customers joined the platform, increasing the customer base growth to 2.8 million, which is about 70% of total private investment on the Brazilian stock exchange. The exchange announced that trading volume rose to $ 5 billion in the first five months of the year, more than the total for the seven years combined.
The development is quite positive as one of the financings comes at a time when the market is saturated with FUD amid various regulatory crackdowns in China. Billions of dollars have been wiped out of the industry since May when BTC had a major crash. Reports confirm that the downward spiral was caused by FUD as well as Musk’s concerns about Bitcoin’s energy consumption.
As recently reported, the Japanese telecommunications provider SoftBank has launched its SBC Wallet Card (Softbank Card 3.0), which has an integrated blockchain wallet. In addition to the basic functions of a normal bank card, the Softbank Card 3.0 also integrates many functions.
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