Mercado Bitcoin, the leading cryptocurrency exchange in Latin America, has announced that Mercado Bitcoin has secured $200 mn USD from the SoftBank Latin America Fund. The investment values 2TM Group at $2.1 bn USD, making it the eighth-most valuable unicorn in Latin America. The fundraise represents the largest Series B round in Latin America’s history and SoftBank’s largest investment in a LATAM crypto company. Mercado Bitcoin will use the finance to increase its scale, expand its offerings and invest in infrastructure to meet the soaring crypto demand in the region. Mercado Bitcoin has seen significant growth over the past year, with its client base reaching 2.8 mn in 2021. Between January and May 2021, approximately 700,000 new customers signed up to use its services. During the first 5 months of the year, the firm also saw its trade volume increase to $5 bn USD, surpassing the total for its first seven years combined.
The new funding round will enable Mercado Bitcoin to grow its team to 700 by the end of 2021, as well as accelerate growth across 2TM Group’s portfolio, which will include digital wallet provider MeuBank, subject to regulatory approvals. In 2021, 2TM Group plans to launch Bitrust, the first digital custodian in Latin America, subject to regulatory approval. 2TM Group is also closely working with regulators to build a consistent framework for alternative digital investments in Brazil in line with its vision of a convergence of the traditional and blockchain-based financial markets. Mercado Bitcoin has become a global leader in the cryptocurrency space.