2TM raises almost $60M in series B closing as it targets expansion


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TL;DR Breakdown

  • 2TM has secured its unicorn status through funding that exceeds $50 million.
  • The company wants to expand its market to other regions as the crypto market is booming.

2TM has bagged almost $60 Million as it continues with its expansion plans. They raised the amount during their funding event. The parent firm of Mercado Bitcoin will continue with its advancements across the other regions. Moreover, the crypto lion will make its foundation better.

The latest funding was a success. It was enabled by firms such as Tribal Capital and 10T. These funds are based in America. Additionally, other funds came from Endeavor, Traders Club, including others.

2TM gaining popularity

Earlier this year, 2TM made a kill raising $200m through its first funding closure. SoftBank was a great contributor to the event. This funding pushed Mercado Bitcoin to greater heights. 2TM garnered second place among cryptocurrency exchanges in Latin America after obtaining a value of over $1 billion.

Presently the firm has over 3million customers. This figure is equal to almost 90% of personal accounts on the Brazilian stock exchange.

According to Roberto Dagnoni, 2TM CEO, their trade volumes have seen a great advancement. Their capacity spiked to almost $8billion since the year began.

Dagnoni noted that the firm has a lot of plans before the year ends. The firm wants to expand to other regions. The CEO stated they want to explore different markets. Some of the targeted regions include Chile, Argentina, Mexico, Argentina, and Colombia.

The CEO added they would raise the offer of advanced products based on the science behind Bitcoin’s success. He noted that these are just a few plans, and the firm has a lot in store for its clients.

Growth in the crypto space

Since 2T established the fundings plans to have over 100 assets listed by 2021, they’ve noted great progress. Dagnoni said that they had about half a million more customers since they began this project.

2TM targets are expanding its services to a good number of states across the globe. Recently 10T made its first investment in their region. This signals that the digital market is gaining popularity across Latam.

The user growth that Mercado has seen shows increased. There is so much opportunity in the crypto space.

This is crucial at this point when economies across their region are shaky. They are not doing well because of fiscal issues like hyperinflation.

Regulators in Brazil have initiated rules that will favor the digital market.

BTG Pactual, a Brazilian financial company, has also established a service that enables users to access cryptos at ease. The crypto arm known as Mynt allows exposure to various digital assets.

Matt Zhang, who is a former Citi banker, also established a crypto project fund. The venture, which is worth almost $2billion, will support users in the blockchain infrastructure sector. It will also back players in different sectors.

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Edith Muthoni

Edith is an investment writer, trader, and personal finance coach specializing in investments advice around the fintech niche. Her fields of expertise include stocks, cryptocurrencies, blockchain, and cryptocurrency investments.

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