2TM, the parent visitor of Brazilian cryptocurrency exchange Mercado Bitcoin, has received $50.3 1000000 in fresh financing to expand its operations across Latin America, sending a potent signal that venture upper-case letter sees growth potential in the region.

The Serial B fundraiser had participation from U.s.-based funds 10T and Tribe Majuscule, besides as Brazilian companies Traders Social club, Pipo Capital and Endeavor, the visitor disclosed Tuesday.

The funding round further cements 2TM's status as a crypto unicorn subsequently the company raised $200 million from SoftBank in July. At the time, Mercado Bitcoin was the second Latin American cryptocurrency exchange to eclipse the $ane billion valuation marking.

Mercado Bitcoin now boasts of over iii.2 million customers, which is equivalent to roughly fourscore% of individual accounts agile on the Brazilian stock exchange, the company said. Trade volumes reached $seven billion in the first 10 months of 2022, according to 2TM CEO Roberto Dagnoni.

Mercado'due south growing user base reflects heightened retail interest in digital nugget investing at a fourth dimension when economies across Latin America are struggling with hyperinflation and other fiscal pressures. In Brazil, Mercado Bitcoin'southward abode base, regulators take endorsed legislation that would back up the continued growth of crypto investing. Leading investment bank BTG Pactual has also launched a new platform to brand information technology easier for users to access cryptocurrencies such every bit Bitcoin (BTC) and Ether (ETH).

When asked about what other factors are driving crypto adoption in the region, a Mercado Bitcoin spokesperson told Cointelegraph that motivations vary across countries. "For case, in Brazil, the main driver is as [an] alternative investment class," the spokesperson said. "In United mexican states, remittances are a significant office of the overall volume drivers. In Argentina, at that place is a much more intensive adoption of stablecoins to protect from currency fluctuation."

Related: Largest cryptocurrency exchange in Latin America to develop renewable energy tokens

The cryptocurrency industry is now dwelling house to dozens of high-profile unicorns and at to the lowest degree three multi-billion-dollar investment funds. As Cointelegraph reported on Monday, onetime Citi banker Matt Zhang has launched a $1.5 billion crypto venture fund to dorsum promising plays in the domains of blockchain infrastructure, virtual worlds and programmable coin.