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- The Softbank Latin America Fund has invested in the parent firm of Mercado Bitcoin, 2TM Group
- Approximately 700,000 new consumers joined up to utilize Mercado Bitcoin’s services between January and May 2021, according to the company’s statement
- Fintech firms and cryptocurrency solutions have gotten a lot of press throughout Latin America, and the first Bitcoin exchange-traded fund (ETF) debuted on the Brazil Stock Exchange last week
The Softbank Latin America Fund has invested in the parent firm of Mercado Bitcoin, 2TM Group. It is one of the largest Series B fundraising rounds in Latin America, as well as Softbank’s largest crypto investment in the region, according to the statement. The investment boosts 2TM Group’s unicorn status to $2.1 billion, making it Latin America’s sixth most valuable fintech company. Mercado Bitcoin intends to use the funds to expand its operations and invest in new infrastructure. According to the company’s release, Mercado Bitcoin has attracted 2.8 million customers in the last year.
Approximately 700,000 new consumers joined up to utilize Mercado Bitcoin’s services between January and May 2021, according to the company’s statement. Furthermore, the trading volume on Mercado Bitcoin in 2021 has increased dramatically, surpassing the sum for its previous seven years combined.
Fintech firms and cryptocurrency solutions have gotten a lot of press throughout Latin America, and the first Bitcoin exchange-traded fund (ETF) debuted on the Brazil Stock Exchange last week. Based on these developments, Softbank Group and the firm’s Latin America Fund have been expanding portfolio firms. Creditas, Cortex, Inter, Loggi, Konfio, and Ualá are among the fintech companies backed by the Softbank Latin America Fund. Mercado Bitcoin has risen to the top of the cryptocurrency world.
2TM Group’s grasp of the Brazilian environment, as well as its contribution to the country’s growing regulatory structure, has impressed us. In a statement, Marcelo Claure, CEO of Softbank Group International and COO of Softbank Group, said. The Softbank CEO went on to say: In Latin America, cryptocurrencies have enormous potential. We feel that succeeding in Brazil is essential for 2TM Group, and we are thrilled to be a part of it.
Softbank, a global company, has been investing in cryptocurrency and blockchain technologies for a long time. Softbank started in October 2019 collaborating2019 that was collaborating on a cross-carrier blockchain technology initiative with Tbcasoft and IBM. Ubisoft and Softbank collaborated on a blockchain-based Identification & Authentication Working Group the same year. Crypto-asset solutions are also being used by one of the Tokyo-based company’s portfolio companies.
WeWork, a worldwide space provider funded by Softbank, recently said it was taking cryptos and holding digital assets on its balance sheet in mid-April 2021. Softbank’s investment follows Mercado Bitcoin’s Series A round in January 2021, which was headed by Parallax Ventures and G2D/GP Investments. The money would be used by Mercado Bitcoin to accelerate expansion throughout 2TM Group’s portfolio. 2TM Group also owns Meubank, a cryptocurrency wallet provider, and plans to create a fund named Bitrust in the near future.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
