Brazilian Crypto Exchange Mercado Bitcoin to Launch Operations in Mexico This Year: Report

The company’s parent, 2TM, raised $200 million from SoftBank one year ago with an eye towards expanding across Latin America.

AccessTimeIconJul 21, 2022 at 4:39 p.m. UTC
Updated May 11, 2023 at 5:36 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Mercado Bitcoin will start operating in Mexico in the second half of the year via an acquisition, CEO Reinaldo Rabelo told Reuters.

Other than saying the purchase will not necessarily be another crypto exchange, Rabelo declined to give more details, saying Mercado is awaiting regulatory approval for the deal.

Mercado Brazil parent 2TM raised $200 million from Softbank roughly one year ago, planning to use those funds to help expand across Latin America. Though the company did enter Portugal through an acquisition earlier this year, in Latin America it continues to operate only in Brazil.

Rabelo said he’s “looking at the Latin American market a bit more cautiously,” due to the struggling crypto market. 2TM last month laid off over 80 employees citing “the changing global financial landscape, rising interest rates and inflation.”

With its arrival in Mexico, Mercado Bitcoin plans to compete in the main market of its largest Latin American peer, Mexico-based crypto exchange Bitso, which started operations in Brazil last year.

The Mexican market stands out as one of the major crypto opportunities in Latin America, especially because of its remittance business.

Bitso processed $1 billion in crypto remittances between Mexico and the U.S. in the first half of 2022, while Tether launched its MXNT token pegged to Mexico's peso and Coinbase (COIN) enabled a cash-out service in the country.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Andrés Engler

Andrés Engler was a CoinDesk editor based in Argentina, where he covers the Latin American crypto ecosystem. He holds BTC and ETH.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.