Latam Tech Exchange being the largest cryptocurrency exchange in Latin America has successfully attained an active investment of $200 million from Japan’s SoftBank Group Corp.
The investment received by Latam Technology Exchange was put forward in the Series B funding round initiated by SoftBank Latin American Fund and is a primary representative of Japanese multinational company’s association with Latin American crypto proceedings.
With this investment, the 2TM’s Roberto Dagnoni, chairman and executive officer of the crypto trading platform’s parent company had remarked on how the investment had reevaluated the market value of Latam with a significant rise in price amounting to US$ 2.1 billion.
Investment from Softbank in Latam Considered Hopeful for the Future of Crypto Transactions
The investment made by SoftBank has appeared at a time when China had been exercising authority on growing crypto transactions which have been affecting the hash rates of BTC in general. It was assumed that perhaps the investor’s sentiment towards crypto might change or seek redressal following such backlash and crackdown regarding the BTC ban in China.
Japanese SoftBank’s interest in Latam Crypto Exchange has been influential and have displayed a promising stance towards the fluctuations that have been administered in the domain of crypto from the past few months and promises a bright future for crypto transactions in general.
Mercado Bitcoin to Expand Its Operations in Latin America
Mercado Bitcoin which was launched in 2013 has grown exponentially with 2.8 million current clients. The platform has been looking out for potential to expand its operations in Latin America.
2TM’s Dagnoni further stated how the company is looking for promising mergers and acquisitions to meet the growing demand of crypto in the region and how this investment of Latam will accelerate the process by working on expansion and infrastructural repair activities in the region.
In an interview with Reuters, Dagnoni commented on how the company strongly represents the fundamentals of crypto and they will ensure that the crypto transactions can be facilitated in the region with necessary ease and proper organizational structure.
In 2021, approximately 700,000 users signed up for Mercado Bitcoin services. The crypto exchange also had a huge surge in terms of trade with prices amounting to US$ 5 billion.
Juhi Mirza is an archaeological major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.