Today it was announced that the SoftBank Latin America fund has invested $200 million at a valuation of $2.1 billion in the Series B funding of 2TM Group, the digital asset group that owns cryptocurrency exchange Mercado Bitcoin. The Brazilian exchange has a 2.8 million client base and processed $5 billion in trading transactions in the first five months of 2021. The crypto exchange secured a Series A in January led by GP Investimentos and Parallax Ventures.
Apart from expanding its team, 2TM wants to accelerate the growth of its digital wallet MeuBank and, subject to regulatory approval, launch Bitrust as a custodian.
SoftBank believes 2TM is “a defining player in the cryptocurrency explosion in Brazil,” said Marcelo Claure, CEO of SoftBank Group International and COO of SoftBank Group. “Cryptocurrencies have incredible potential in Latin America. We believe winning in Brazil is critical for 2TM Group.”
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