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Crypto


SOFTBANK-BACKED CRYPTO BROKERAGE IN BRAZIL RAISES $50 MILLION

By
Cristiane Lucchesi
+Sign Up
November 30, 2021, 11:00 AM GMT Updated on November 30, 2021, 1:39 PM GMT
 * Investors including 10T and Tribe Capital inject new money
 * 2TM is valued at $2.15 billion and aiming for expansion


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2TM Participacoes SA, owner of the biggest Brazil-based cryptocurrency
brokerage, raised $50 million as it hunts for acquisitions to expand into
additional Latin American markets.




The company, backed by SoftBank Group Corp., received investments from 10T
Holdings, a U.S. private equity firm focused on digital firms, and Tribe
Capital, a San Francisco-based venture capital fund. Also participating are the
Brazilian venture capital company PIPO Capital Gestao de Investimentos Ltda.,
the Sao Paulo-based firm TC Traders Club SA and Endeavor Brasil.



The proceeds will be used for new products and growth, including expanding into
Chile, Colombia, Mexico and Argentina, according to 2TM co-founder Gustavo
Chamati. 

“After a torturous path trying to explain a technology as disruptive as
blockchain, we are now able to convince Brazilian investors about its
possibilities and also venture capitalists about the potential of Latin American
markets,” Chamati, 40, said in an interview. 


Gustavo Chamati, founder of 2TM.
Source: 2TM

The $50 million is part of a second round of investments that started with a
$200 million capitalization from the SoftBank Latin America Fund announced in
July, which valued the company at $2.15 billion and created the second crypto
unicorn in Latin America. 



2TM received its first round of capital in January from GP Investments and
Parallax Ventures, with the participation of HS Investimentos, Gear Ventures,
Evora Fund and Genial Investimentos. It didn’t disclose how much it received. 

Chamati created Mercado Bitcoin SA -- the first cryptocurrency brokerage firm in
Brazil and 2TM’s crown jewel -- in 2013, along with his brother Mauricio. He
first learned about Bitcoin in 2011 from a program on MTV, and then started to
read more about it. 




“I got interested, started to talk to people and understood how deep a
transformation it could bring to the financial markets,” he said. 

After he and his brother spent years putting their own money into the firm,
activity picked up this year, when Mercado Bitcoin reached 3 million clients and
traded more than 40 billion reais ($7.1 billion). That was more than all
previous years combined. 



2TM has already purchased several companies in Brazil and increased its
headcount to 700 this year from 200. Its Mercado Bitcoin issued the first token
of government debt and issued Futecoin, an investment in which gains come from
fees Brazilian teams Vasco and Santos receive when a soccer player they trained
moves to a new team, as would be the case should Neymar be sold by Paris
Saint-Germain to another team. 



The firm’s goal is to become a provider of blockchain infrastructure for
financial markets in Latin America, including services such as custodian and
fund management, Chief Executive Officer Roberto Dagnoni said. 


Roberto Dagnoni, chief executive officer of 2TM.
Source: 2TM

“We are very happy to bring to our firm specialized investors such as Tribe
Capital and 10T Holdings,” Dagnoni said, adding that the idea is to get another
round of private investment before considering going public. 

Demand for the company’s services varies from nation to nation, Dagnoni said
earlier this month. In Mexico, for example, there is a lot of interest in
remittance services, while in Argentina the peso’s volatility means stablecoins
backed by the dollar are in high demand.

(Updates with comment from CEO in last paragraph. A previous version of this
story corrected the description of the company in the fifth paragraph and
deleted a reference to the amount of capital raised in the sixth.)


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