Tuesday, July 27, 2021

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    Bitcoin Market Raises $200 Million from SoftBank

    The Latin American cryptocurrency exchange Bitcoin Market has raised USD 200 million in Series B financing from SoftBank, this is one of the largest capital collections in the history of the region.

    Bitcoin market will use the funds to expand its offering and invest in new infrastructure to meet the growing demand for digital assets in Latin America, the platform announced on Thursday. It is estimated that 2TM Group, the parent company of Mercado Bitcoin, is valued at USD 2.1 billion, making it the eighth largest unicorn on the continent.

    In the world of venture capital, the term “unicorn” describes private companies worth at least a billion dollars.

    Bitcoin Market could be the second Latin American exchange to join the prestigious unicorn category. As Cointelegraph has already told you, Mexican exchange Bitso was valued at USD 2.2 billion after concluding a $250 million Series C fundraiser in May.

    Like other cryptocurrency exchanges, Bitcoin market has recorded tremendous growth this year. Approximately 700,000 users have registered on the platform in 2021, bringing its user base to 2.8 million. this Represents more than 70% of participants in the Brazilian stock market.

    Trading activity also soared during the climax of the market, with Bitcon volumes reaching USD 5 billion between January and May, surpassing the stock market’s total in the first seven years combined.

    Marcelo Claure, CEO of SoftBank Group International, he described Mercado Bitcoin as a “global leader in the cryptocurrency space,” adding that digital assets have “incredible potential in Latin America.”

    Countries such as Argentina, Venezuela and Mexico have recorded a huge increase in cryptocurrency adoption due to local economic and fiscal pressures. Several Latin American countries are rumored to be they are studying the possibility of accepting Bitcoin as legal tender. However, so far, only El Salvador has stepped forward.


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