Mercado Bitcoin exchange raises $200M from SoftBank in Series B round
Mercado Bitcoin has secured $200 million in Series B financing from SoftBank, marking it one of the biggest funding rounds in the region’s history.
The Latin American cryptocurrency exchange said that the funds will be used to expand its offerings and invest in new infrastructure to meet the growing demand for digital assets in the region.
2TM Group, the parent company of Mercado Bitcoin, is now estimated to be worth $2.1 billion, making it the eighth-largest unicorn on the continent.
The exchange is the second Latin American crypto exchange to join the unicorn category after Mexican exchange Bitso which was valued at $2.2 billion in May after concluding a $250 million Series C fundraiser.
Along with the growing cryptocurrency adoption, Mercado Bitcoin has been through massive growth this year with 700,000 users signed up to use the platform in 2021, bringing its total user number to 2.8 million.
Robert Dagnoni, executive chairman and CEO of 2TM, said that trading activity on the exchange has also surged during the height of the bull market, with Bitcoin volumes hitting $5 billion between January and May, surpassing the exchange’s total for the first seven years combined.
Dagnoni emphasized that Brazil has played an exceptionally important role in boosting crypto adoption.
"Brazilians have proved to be early technology adopters in many fronts, looking at Waze and Uber as examples," Dagnoni said, "Cryptocurrencies were no exception to that trend. In Brazil, and generally speaking in Latin America, millions of people are realizing that digital assets and cryptocurrencies are both innovative emerging technologies and are efficient in storing value."
Several countries including Argentina, Venezuela, and Mexico has also seen a resounding increase in crypto adoption due to local economic and fiscal pressures.