2TM Group Behind Mercado Bitcoin Raises $200M from SoftBank

Sahaj  |  Jul 1, 2021

Being now valued at $2.1 billion, the company behind Mercado Bitcoin, 2TM group has managed to secure $200 million in Series B funding from SoftBank. The recent fundraising has marked one of the largest funding rounds in the history of that region.

Mercado Bitcoin Firm’s 2TM Group Secures Funding from SoftBank

As announced by the exchange based in São Paulo, Brazil, Mercado Bitcoin will be utilising the funds to stretch its offerings and put its money in new infrastructure to meet the surging demand for digital assets in the region.

The parent company of Mercado Bitcoin, 2TM is the eighth largest privately-held startup on the continent at present standing at a total valuation of $2.1 billion.

It makes the company the second-largest Latin American crypto exchange as Bitso was valued at $2.2 billion in the month of May after finalising a $250 million Series C fundraiser.

The CEO of SoftBank, Marcelo Claure, addressed Mercado Bitcoin as an international leader in the cryptocurrency space along with releasing a statement that the asset has a lot of potentials.

Though many countries are looking forward to accepting Bitcoin as a legal tender, only El Salvador has been able to make this move.

Brazil’s Role in Boosting Crypto Adoption

Robert Dagnoni, the CEO of 2TM mentioned that Brazil has played a crucial role in crypto adoption and said:

"Brazilians have proved to be early technology adopters on many fronts, looking at Waze and Uber as examples. 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."

In addition to this, mentioning the turning to cryptocurrencies and other alternatives due to low-interest rates, Dagnoni said:

"[W]e've seen some of the lowest interest rates on record in Brazil, which fuelled the development of the alternative assets industry. Crypto is benefiting from this trend, which can also be seen in other asset classes, such as VCs and Private Equity."

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