SoftBank has supplied the entirety of the cryptocurrency exchange operator's series B round, which valued its parent company 2TM Group at $2.1bn.
Brazil-based cryptocurrency exchange operator Mercado Bitcoin raised $200m in series B funding from internet and telecommunications group SoftBank’s Latin America Fund yesterday at a $2.1bn valuation.
Founded in 2013 and run by holding company 2TM Group, Mercado operates a digital exchange platform where users can trade cryptocurrencies such as Bitcoin and Ethereum.
The company’s trade volume reached $5bn earlier this year while 700,000 users signed up to the platform, bringing its customer base up to 2.8 million, it said.
Mercado plans to use the funding to further accelerate its expansion, broaden its offering and grow its team to 700 people by the end of 2021. Part of the proceeds will go to developing and optimising its infrastructure with the aim of meeting the rising demand for cryptocurrency in the Latin American region.
Alternative investment firm GP Investments’ GP Inova Fund co-led a $37.2m series A round for the company with…
