Large funding from last month helped propel the crypto group to new development and diversification.
‘Coinbase of Latin America’
The largest bitcoin exchange in Brazil, Mercado Bitcoin, has become the first qualified crypto custodian in the largest South American country. With ambitious hopes of becoming the Coinbase for Latin America, Mercado Bitcoin will work together with Kryptus in a service called Bitrust. Bitrust will provide custody services to large groups like retail investors, family offices, treasuries, and investment funds in Brazil.
The move comes on the back of Mercado Brazil confirming a $200 million funding round with the SoftBank Latin America Fund.
“We see a need to have a qualified segregated custody and a robust structure, a technology that touches what we call rocket science, which are very complex governance processes and we sought very strategic partners for this product,” explained Ronaldo Faria, CEO of Mercado Bitcoin to CoinTelegraph Brazil. “The partnership more importantly, which is the difference-maker, is with Kryptus, who is the manufacturer of the hardware that keeps the keys and is a reference in cryptography, both in Brazil and abroad.”
Mercado Brazil is a subsidiary of 2TM Group, the second-largest Latin American crypto unicorn. As Brazil opens the door to crypto in many ways, the country has a growing need for institutional recognition from groups like Mercado Bitcoin.
With the $200 million in the bank and an innovative product ready to take on Latin America, Mercado Bitcoin has ambitions beyond Brazil with a structure that mimics Gemini or Coinbase. The company confirmed they are in talks of expanding into other Latin American countries like Chile, Argentina, and Mexico, among others. Mercado Bitcoin has a Decentralized Finance (DeFi) client base of nearly 3 million users and is the largest platform in Latin America. But certainly, there is room for growth.
Growing like the Amazon
Mercado Bitcoin has continued to grow its offerings as well. They announced that beginning August 25th, they will offer seven new Ethereum DeFi applications on their platform. Among the chosen protocols include Polygon (MATIC), SushiSwap (SUSHI), Wrapped Bitcoin (WBTC), and Bancor (BNT). With the solid funding round and the growing offerings, Mercado Brazil is pushing crypto adoption of Latin American crypto with their decentralized application and accessibility.
“Millions of people around the world have realized that digital assets and cryptocurrencies are innovative technologies and efficient value reserves. Brazil is no exception”, Roberto Dagnoni, CEO at 2TM Group, told Forbes in July.
Although currently just on Ethereum, Mercado Bitcoin will undoubtedly continue to offer more assets. This could mean an expansion to Binance Smart Chain. Representatives from Binance supposedly met with the Brazilian Central Bank President last week to discuss financial matters.
Mercado Bitcoin offers users the chance to bridge traditional investing and the crypto world. Latin America is a growing region with much potential, and Mercado Bitcoin is seeking to latch onto momentum from countries like El Salvador. The 2TM Group should begin to flex its $2.1 billion valuation around the region, especially as governments are eager for crypto integration.
Where to find Mercado Bitcoin:
Source : bsc.news
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