SoftBank-Backed Crypto Brokerage 2TM Participações Raises $50 Million

2TM Participacoes, owner of the biggest Brazil-based cryptocurrency brokerage, raised $50 million as it hunts for acquisitions to expand into additional Latin American markets.

2TM Participacoes SA, owner of the biggest Brazil-based cryptocurrency brokerage, raises $50 million as it hunts for acquisitions to expand into additional Latin American markets.

The company is in a hunting spree for acquisitions to expand its operations.

2TM Participações, backed by SoftBank Group Corp., raises its $50 million investments from 10T Holdings, a U.S. private equity firm focused on digital firms, and Tribe Capital, a San Francisco-based venture capital fund.

Also participating in the round are the Brazilian venture capital companies PIPO Capital Gestão de Investimentos Ltda., TC Traders Club SA and Endeavor Brasil.

The proceeds will be used for new products and growth, including expanding into Chile, Colombia, Mexico and Argentina, according to 2TM co-founder Gustavo Chamati.

The $50 million is part of a second round of investments that started with a $200 million from SoftBank’s Latin America Fund announced in July, which valued the company at $2.15 billion and created the second crypto unicorn in Latin America.

2TM received its first round of capital in January from GP Investments and Parallax Ventures, with the participation of HS Investimentos, Gear Ventures, Evora Fund and Genial Investimentos.

Chamati created Mercado Bitcoin SA — the first cryptocurrency brokerage firm in Brazil and 2TM’s crown jewel — in 2013, along with his brother Mauricio.

2TM has already purchased several companies in Brazil and increased its headcount to 700 this year from 200.

The firm’s goal is to become a provider of blockchain infrastructure for financial markets in Latin America, including services such as custodian and fund management, Chief Executive Officer Roberto Dagnoni said to the press.

Beyond the Law.News was not informed of nor could it verify the name of the law firms representing or acting on behalf of the parties.