SAO PAULO : SoftBank-backed Brazilian crypto exchange Mercado Bitcoin is set to enter the Mexican market by the end of the year, as part of a plan to expand elsewhere in Latin America, its chief executive told Reuters.
Rabelo said the move will be done through an acquisition, mirroring the way Mercado Bitcoin's holding company 2TM entered Portugal earlier this year when it bought Lisbon-based exchange CriptoLoja. The move comes about one year after the company raised $200 million from SoftBank Group Corp's Latin America fund, hoping to use the funds to expand across the continent.
The push into the Mexican market comes in a still unfavorable environment for crypto assets, amid regulatory woes and rising interest rates.
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