2TM, the parent company of Brazilian cryptocurrency exchange Mercado Bitcoin, has received US$50.3 million in new financing to expand its business in Latin America, which sends a strong signal that venture capital sees growth potential in the region.

The company disclosed on Tuesday that the Series B fundraising activities included the participation of US funds 10T and Tribal Capital, as well as Brazilian companies Traders Club, Pipo Capital and Endeavor.

This round of financing further cement 2TM’s position as a crypto unicorn after the company Raising US$200 million from SoftBank In July. At the time, Mercado Bitcoin was the second Latin American cryptocurrency exchange with a valuation of more than $1 billion.

Brazil’s first #Bitcoin The exchange Mercado Bitcoin has just raised $200 million from SoftBank! -CoinTelegraph

-Bitcoin Archive (@BTC_Archive) July 1, 2021

The company said that Mercado Bitcoin now has more than 3.2 million customers, equivalent to approximately 80% of active personal accounts on the Brazilian stock exchange. According to Roberto Dagnoni, 2TM’s chief executive officer, the value of trade in the first 10 months of 2021 reached US$7 billion.

Mercado’s growing user base reflects the retail industry’s interest in digital asset investment and economic growth in Latin America Fight against hyperinflation and other fiscal pressures. In Brazil, the home base of Mercado Bitcoin, Regulators have approved legislation This will support the continued growth of crypto investment. Leading investment bank BTG Pactual has also launched a new platform that makes it easier for users to access cryptocurrencies such as Bitcoin (Bitcoin) And ether (Ethereum).

When asked about other factors driving the adoption of cryptocurrencies in the region, a Mercado Bitcoin spokesperson told Cointelegraph that the motivations vary from country to country. “For example, in Brazil, the main driver is [an] Alternative investment categories,” the spokesperson said. “In Mexico, remittances are an important part of the overall transaction volume driver. In Argentina, stablecoins are used more intensively to prevent currency fluctuations. “

related: Latin America’s largest cryptocurrency exchange develops renewable energy tokens

The cryptocurrency industry now has dozens of high-profile unicorns and at least three multi-billion dollar investment funds. As Cointelegraph reported on Monday, Former Citibank Matt Chang A $1.5 billion crypto venture fund has been launched to support the prospects of blockchain infrastructure, virtual worlds, and programmable currencies.