SoftBank invests $200 million in Brazilian crypto exchange Mercado Bitcoin
Mercado Bitcoin, a Latin American digital assets exchange, has received a $200 million investment from the Japanese multinational conglomerate holding company, Softbank Group Corp, in a recently-concluded Series B funding.
The Largest Series B Funding in LatAm
According to a report, SoftBank made this investment through its Latin America Fund. Robert Dagnoni, the executive chairman and CEO of 2TM, the parent company of Mercado Bitcoin, noted that the giant bank’s move represents the largest Series B funding round in LatAm and its largest investment in a Latin American crypto firm.
Mercado Bitcoin intends to use the fresh capital to expand its offerings outside the confines of the LatAm market, scale its operations, and invest in necessary infrastructure that will help it meet the rising demand for crypto-related services in the country.
Robert Dagnoni stated:
“The platform is quite integrated. So custody is very important in releasing the power of the institutional market. We’re also looking at regional expansions in LatAm and expansions via M&A [mergers and acquisitions] as well.”
The latest investment brings 2TM’s valuation to $2.1 billion, making it the second-largest crypto unicorn company in Latin America.
The funding came at a time when Mercado Bitcoin had experienced an impressive first half of the year. The trading platform saw the light of day in 2013 and has grown significantly since then.
