THE COMPANY’S PARENT 2TM, RAISED $200 MILLION FROM SOFTBANK AIMING TO EXPAND OPERATIONS ACROSS LATIN AMERICA!

According to CEO Reinaldo Rabelo, MercadoBitcoin will begin conducting business in Mexico through an acquisition in the second part of the year.

Rabelo declined to provide additional information, stating that Mercado is waiting for regulatory approval for the deal and that the acquisition won’t necessarily be another cryptocurrency exchange.

The parent company of Mercado Brazil, 2TM, raised $200 million from Softbank about a year ago intending to use the money to support growth throughout Latin America. Instead, the corporation continues to only operate in Brazil in Latin America, despite having entered Portugal earlier this year due to an acquisition.

Due to the faltering cryptocurrency market, Rabelo stated that he is “looking at the Latin American market a bit more warily.” Additionally, over 80 staff were let go by 2TM last month due to “the shifting nature of the global financial market, rising interest rates, and inflation.”

With its entry into Mexico, MercadoBitcoin intends to challenge its biggest Latin American rival, the Mexican crypto exchange Bitso, which launched operations in Brazil last year.

Due mainly to its remittance industry, the Mexican market stands out as one of the most promising crypto possibilities in Latin America.
In the first half of 2022, Bitso processed $1 billion in crypto transfers between Mexico and the United States. In addition, Tether introduced its MXNT token linked to the peso, and Coinbase (COIN) enabled a nationwide cash-out service.