The SoftBank Latin America Fund has invested $ 200 million in the parent company of Mercado Bitcoin, one of the largest cryptocurrency exchanges in the region.
The fundraiser values Mercado Bitcoin’s parent company 2TM Group at $ 2.1 billion, placing it among the unicorns of Latin America – privately owned startups with valuations of over $ 1 billion.
The Series B increase comes just five months after the crypto exchange secured an undisclosed amount through a Series A round jointly led by G2D / GP Investments and Parallax Ventures.
The latest injection of capital will be used to expand Mercado Bitcoin’s products and infrastructure, increasing the company’s workforce to 700 employees by the end of 2021.
“Millions of people around the world are realizing that digital assets and cryptocurrencies are both innovative technologies and efficient stores of value – Brazil is no exception to this trend,” said Roberto Dagnoni, Executive Chairman and CEO of 2TM Group, in a statement.
Mercado Bitcoin’s customer base is now 2.8 million after adding 700,000 additional customers between January and May of this year.
Marcelo Claure, CEO of SoftBank Group International and COO of SoftBank Group, said the exchange was “positioned at the forefront of the Latin American blockchain revolution and a key player in the cryptocurrency explosion in Brazil.”
2TM Group is a Brazilian holding company focused on digital assets. In addition to operating Mercado Bitcoin, it operates the wallet company Meubank, the custodian bank Bitrust, and several other crypto-focused companies. Meubank is slated to come onto the market this year, subject to regulatory approval.