Brazilian cryptocurrency exchange Mercado Bitcoin has raised 200 million reais ($37.4M) to expand its presence in the Latin American market.
As reported by Mercado Bitcoin, the investment round was led by GP Investimentos and Parallax Ventures. Other participants include Fundo Evora, Ze Bonchristiano, HS Investimentos FIP, Banco Plural and Gear Ventures.
Company representatives have said Mexico, Chile and Argentina are priority areas for the company's development. The Mercado Bitcoin CEO Reinaldo Rabelo said:
"Our long-term purpose is to participate in the construction of a new infrastructure for the financial market (IMF), based on blockchain, smart contracts and crypto assets."
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Mercado Libre will also invest in the custody service Bitrust and the wallet Meubank. Rabelo added:
"We want to develop the crypto ecosystem in Brazil and create a market as developed as that of the United States."
According to CoinGecko, over the past 24 hours, the trading volume on Mercado Bitcoin is up to $23.6M.