Bitcoin market invests R $ 200 million to reach more countries | Business

The Bitcoin market, the largest cryptocurrency broker in Brazil, has received new contributions from six companies to accelerate internationalization. With this, the exchange announced that it would invest R $ 200 million in the project throughout the year 2021. According to a press release, the funds and companies GP Investimentos, Parallax Ventures, Évora, HS Investimentos, Banco Plural and Gear Ventures have joined the investment. .

Bitcoin (image: Jorge Franganillo / Flickr)

Bitcoin (image: Jorge Franganillo / Flickr)

“We want to develop the crypto ecosystem in Brazil and create a thriving market like that of the United States. Because of this, we want to be one of the five largest digital exchanges in the world, ”said Reinaldo Rabelo, CEO of Bitcoin Markets.

The bitcoin market seeks new markets

In Brazil, the Bitcoin Market is by far the largest cryptocurrency exchange, both in terms of transaction volume and number of users. It was founded in 2013 by brothers Gustavo and Maurício Chamati, also becoming one of the oldest cryptocurrency exchanges in Latin America. Currently, the Bitcoin Market serves international customers from Brazil, but is not yet available overseas.

Operating almost exclusively in the domestic market, the new investment will take the Bitcoin Market to other countries in Latin America. Reinaldo Rabelo explains the exchange’s next destinations: “Now let’s also look at other markets, such as Chile, Mexico and Argentina, which have a close legal culture. than. Our long-term aim is to participate in building new infrastructure for financial markets (IMF), based on blockchain, smart contracts and cryptography.

The number of exchanging customers has reached 2.2 million in the past 2 years. By 2020, R $ 6.4 billion were transacted on the platform, now employing more than 200 employees. This year, this broker transferred the equivalent of 50% of last year’s total volume due to historical highs of bitcoin (BTC) and ether (ETH).

Argentina Ripio offers competition

The expansion of the Bitcoin Market came shortly after Argentina’s Ripio bought the Brazilian Bitcoin Exchange and expanded its offerings in Brazil. The startup now has more than 1.3 million users and 150 employees. The two companies are expected to compete for the top spot in the Latin American market.

In an interview with TecnoblogRipio’s CEO, Sebastián Serrano, stated that “this is a market that is going to grow a lot, and there are many differences between the players”. He believes that there is plenty of room for different exchanges and exchanges to operate.

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