2TM Participacoes SA, owner of the biggest Brazilian cryptocurrency brokerage, is hunting for acquisitions to enter other Latin American markets.
The plan is for the company, which is backed by SoftBank Group Corp., 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, Chief Executive Officer Roberto Dagnoni said in an interview.
"Our goal is to go global and participate only in the regulated markets,” Dagnoni said in a video call from Mexico City, where he is looking for acquisition opportunities.
2TM, owner of Brazilian crypto brokerage Mercado Bitcoin SA, has already purchased several companies in the country and increased its headcount to 700 this year from 200.
Among its high-profile hires was Lucas Chaise, a former partner at XP Inc., to be director of investor relations and corporate development. It also added a team for acquisitions and new business, including Andre Gouvinhas and Daniel Carneiro da Cunha, former partners at DealMaker Consultoria e Participacoes Ltda.
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. In 2020, it received 200 million reais ($36 million) from GP Investments and Parallax Ventures. Founded in 2013, Mercado Bitcoin traded 40 billion reais in Brazil this year, more than all previous years combined.
"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.”