https://arab.news/55w72
RIYADH: 2TM Participacoes SA, backed by the SoftBank Group and owner of the largest Brazilian cryptocurrency brokerage, is looking for acquisitions to enter other Latin American markets, Bloomberg reported.
The plan is to expand into Mexico, Colombia, Chile and Argentina to become a provider of blockchain infrastructure for financial markets in the region, including services such as custodian and fund management, CEO Roberto Dagnoni said.
“Our goal is to go global and participate only in the regulated markets,” Dagnoni said in a videocall from Mexico City, where he is looking for acquisition opportunities.
The company has also purchased several companies in the country and increased its number of employees to 700 this year from 200, according to Bloomberg.
The SoftBank Latin America Fund announced a $200 million investment in Sao Paulo-based 2TM in July valuing the company at $2.1 billion, the first crypto unicorn in the region.
“Demand for our services varies from nation to nation,” Dagnoni said. “Mexico, for instance, has a big remittance demand, because of Mexicans who work in the U.S. and send money back to their families. And Argentines want stablecoins backed by the dollar, due to the peso’s volatility.”