Parent company Mercado Bitcoin secured $ 50 million to drive expansion

Mercado Bitcoin‘s parent company, 2TM Join, recently raised $ 50 million from investors to help drive project expansion in Latin America. Let’s find out more in the latest bitcoin news today.

Brazilian parent company Mercado Bitcoin has raised $ 50 million from investors to help drive expansion.

According to the report, the company will use the funds to expand its product offerings and expand services to other Latin American countries such as Argentina, Mexico, Chile and Colombia. The financing round of 21TM was massively supported by well-known investors such as the US private equity company 10T Holding, Tribe Capital, PIPO Capital Gestao De Investimentos LTDA, TC Traders Club SA and Endeavor Brasil. Company co-founder Gustavo Chamati said:

“After a challenging journey to explain a disruptive technology like blockchain, we can now convince Brazilian investors of its opportunities and venture capitalists of its potential. Latin American markets … We are excited to bring our specialist investors like Tribe Funds and 10T Holdings . ” . ”

According to the report, the $ 50 million came from a Collection B investment round that began with a $ 200 million raise from Japanese multinational parent company Softbank Team Corp. SoftBank has even invested $ 200 million in Mercado Bitcoin through its Latin America Fund to make the company the second largest crypto unicorn in Latin America with $ 2.1 billion. Founded in 2013, Mercado Bitcoin has grown to become the largest exchange in Brazil by market value. This year alone, the company has reached over 3 million customers and over $ 7 billion in transactions after a surge in interest in cryptocurrency.

Parent company, 2TM Joinacoes, has acquired many Brazilian companies and increased the workforce from 200 to 700, said the company is aiming for another round of private funding before going public. MercadoLibre is a large e-commerce site from Latin America and is getting into the crypto game after several successful experiences. A senior executive has announced that the company will enable the sale, purchase and saving of cryptocurrencies for customers in Brazil over the next few weeks.