The most popular crypto exchange in Brazil is Mercadobitcoin. And now it wants to be even more popular across Latin America.
Brazil’s most popular crypto exchange is about to expand in the whole of Latin America.
Mercadobitcoin, founded in 2013, is one of the oldest and best-known cryptocurrency exchanges in Brazil. It possesses over 2M customers and has moved over $3.7B in volume since its creation.
The numbers made Mercadobitcoin the most significant exchange in Latin America, even though it only operates in Brazil.
And now, after a significant investment round and having generated over $37M (200M BRL) from notable venture capitalists like Parallax Ventures, Evora Fund, HS Investimentos FIP, Banco Plural, and Gear Ventures, the company now aims to get out of its cozy Brazilian environment and explore new avenues.
The company is aiming high. Reinaldo Rabelo, the CEO of Mercadobitcoin, states that the exchange wants to compete with industry heavyweights:
“We want to develop the crypto ecosystem in Brazil and create a market as developed as that of the United States. To do this, we want to be one of the five largest digital exchanges in the world.”
He continued that the exchange is looking “at other markets, like Chile, Mexico, and Argentina, which have a regulatory culture closer to [Brazil’s].”
Mercadobitcoin is a pioneer in the field of Brazilian cryptocurrency trading. Unlike several other regional competitors, it has been able to survive the unfriendly posture of many regulators.
But currently, the country has a better opinion regarding crypto than it had in the previous years. For instance, the country’s central bank is pondering about issuing a CBDC. Although there are still many legal voids in Brazil’s regulatory framework, the system is now more permissive about crypto trading.
This has served as a springboard for many crypto businesses to operate. Since 2018, many platforms have spread across the country, and some even allowing Brazilians to use credit cards funded directly by the sale of their Bitcoins.
Other examples consist of Zro Bank, Bancryp, Alter, Uzzo. Although they don’t move as much volume as Mercadobitcoin, they are evidence that Brazil’s crypto ecosystem is offering development opportunities for local entrepreneurs.
In the latest press release, the company also teased two new products: Bitrust, a custody service projected at institutional clients, and Meubank, a digital wallet regulated by the Central bank of Brazil.
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