Brazil is the most populous country and this fact once more underlines its importance. Moreover, it has the largest economy in South America. The country has a huge potential when it comes to cryptocurrencies thanks to various factors. Interestingly, Brazil’s largest Bitcoin exchange made an important announcement. According to this announcement, Mercado Bitcoin plans to expand across Latin America.
It is worth noting that, in the beginning, the Mercado Bitcoin will enter Chile, Argentina, as well as Mexico. People should take into consideration that, Mexico is currently the fourth-largest Latin American country by peer-to-peer Bitcoin trade volume, with Chile ranking fifth, and Argentina ranking seventh.
Interestingly, the strong P2P trade suggests there may be significant demand from local traders that is not met by centralized platforms. This interesting announcement comes alongside news of an investment round. Importantly, Mercado Bitcoin raised nearly $38 million from venture capital firms including Parallax Ventures, Evora Fund, and Banco Plural.
Mercado Bitcoin and new opportunities
The country’s largest Bitcoin exchange will use some of the funds to invest in regulated custodian Bitrust to cater to institutional investors. Moreover. Mercado Bitcoin will also invest in a digital wallet called Meubank. As a result, customers will be able to store crypto assets, gaming collectibles, as well as other digital assets.
This is not the end of the story, as the exchange plans to reach even better results. Interestingly, once the ecosystem has been consolidated, Brazil’s largest Bitcoin exchange is aiming to become one of the top exchanges around the world.
Importantly, Mercado Bitcoin wants to develop the crypto ecosystem in Brazil. Also, they want to create a market at the same level as in the U.S. Notably, to reach this result the exchange wants to become one of the largest digital exchanges in the world.
Let’s have a look at Mercado Bitcoin. It is among Latin America’s top exchanges when it comes to volume. It hosted more than $3.7 billion in the trade since launching in 2013. However, the exchange has almost exclusively operated in Brazil. Interestingly, the number of users increased in the last two years from roughly one million to 2.2 million. It is worth noting that, Mercado Bitcoin aims to surpass a user base of 3 million. Moreover, it wants to expand its team from 200 to 300 in 2021. Hopefully, the exchange has the opportunity to enter new markets. Thanks to such decisions it will be easier to make cryptocurrencies more popular around the world.