Brazil's Largest Crypto Exchange Raises $200M from SoftBank
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Brazil's largest cryptocurrency exchange, Mercado Bitcoin, has attracted $200 million from SoftBank Latin America Fund, Forbes reports, citing Mercado's parent company 2TM Group.

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The latest investment brings 2TM Group's valuation at the $2.1 billion mark. This is the largest capital investment made by SoftBank in a Latin America crypto-related company so far. Earlier, the Tokyo-based multinational conglomerate joined a $26 million funding round for Hashdex, a Brazilian crypto investment firm.

Roberto Dagnoni, Chairman and CEO of 2TM Group, says the capital allows the company to continue investing in its infrastructure, enabling it to scale up and meet the "soaring demand for the blockchain-based financial market."

"We want to be the main solution provider for corporate players," Dagnoni added.

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The São Paulo-based cryptocurrency exchange was founded in 2011, however, in March 2013 the exchange faced losses from a security breach. Later, the exchange was sold to Rodrigo Batista and Gustavo Chamati who rebuilt the platform. According to TechCrunch, the exchange has been profitable since 2018.

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