2TM, a Brazilian fintech unicorn who is the holding company of Mercado Bitcoin, one of the leading crypto exchanges on the continent, has re-closed its Series B funding round, raising an additional $ 50 million. The financing round was led by 10T and Tribe Capital, based in the USA, with the participation of other new investors.
2TM receives an additional $ 50 million and prepares for expansion
2TM, one of the largest fintech companies in Latin America, has raised $ 50 million as part of an expansion of its Series B funding round. The second close of the round was spearheaded by 10T and Tribe Capital, with participation from other parties including Traders Club, Pipo Capital and Endeavor.
The financing round first closed in July when the company received $ 200 million from Softbank. 2TM is the holding company of Mercado Bitcoin, one of the leading crypto markets in Brazil, and is now trying to expand its services to other countries on the continent. The entry of companies like 10T, which is making its first investment in the region, could signal that the growth potential of Latin American markets in terms of digital assets is still exciting.
Roberto Dagnoni, CEO of 2TM, stated that the company’s priority will be to reach the Mexican, Argentinian, Chilean and Colombian markets in the near future.
2TM has seen remarkable growth this year, with trading volume between January and October double that of Mercado Bitcoin since its launch in 2013 through December 2020. On the growth of Mercado Bitcoin, Dagnoni emphasized:
Today we have grown to over 3.2 million customers, which is 80% of the individual accounts on the Brazilian stock exchange. This growth is fueling Brazilians’ appetite for digital assets and the great transformation that is gripping the traditional financial market.
2TM has also diversified its investments and positioned itself as a bridge company between digital assets and traditional financial markets. This supposedly puts it in a position to serve traditional investors and institutions looking to try their hand at the crypto market while aiming to reach out to the retail investor interested in digital assets.
What do you think of 2TM raising an additional $ 50 million to expand in Latam’s markets? Let us know in the comments section below.
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