Brazil’s 2TM Group, the parent company of exchange Mercado Bitcoin, has raised $50.3 million in a second closing for its Series B funding round as it eyes Latin America expansion.
The unicorn completed the first closing of the round in July, raising $200 million from the SoftBank Latin America Fund.
The second closing acts as an extension where more investors can join the round. New investors include U.S.-based equity fund 10T and venture capital fund Tribe Capital, plus Brazil-based firms Traders Club, Pipo Capital and Endeavor.
According to comments from 2TM CEO Roberto Dagnoni in a press release, the crypto-focused company has more than 3.2 million customers and plans to expand into other Latin American countries like Argentina, Chile, Colombia and Mexico.
“LATAM has a diversity that requires local understanding and expertise,” a 2TM spokesperson told The Block in an email. “For example, in Brazil, the main driver is as an alternative investment class. In Mexico, remittances are a significant part of the overall volume drivers. In Argentina, there is a much more intensive adoption of stablecoins to protect from currency fluctuation.”
According to 2TM, Mercado Bitcoin is Latin America's largest crypto exchange. Dagnoni noted that the Mercado Bitcoin exchange saw trading volumes of 40 billion reais (about $7.1 billion today) between January and October, which is double the amount from when the company launched in 2013.
Despite the name, Mercado Bitcoin supports several other cryptocurrencies like Cardano, Ethereum, Dogecoin, Litecoin and Solana, as well as other assets like utility tokens.
In addition to its crypto exchange, 2TM is investing in other blockchain projects like stock lending marketplace SL Tools, credit receivable tokens with bank Itaú Unibanco, renewable energy tokens and NFT startups.