After the success the cryptocurrency industry gained back in 2020, other countries that were reluctant in adopting crypto-technology have also gained a lot of experience. Over the course of time, the cryptocurrency industry has also grown big and vast.
With time, many countries have come to realize the importance of adopting cryptocurrency-blockchain technology. Now every country that has already adopted cryptocurrency technology is planning to expand its business on the international platform.
This is where one of the major cryptocurrency exchanges from Brazil comes in. Mercado Bitcoin, which is the largest Bitcoin (BTC) exchange in Brazil has made a delightful announcement for its international followers.
The Mercado Bitcoin exchange has announced that it is in the process of expanding its services on the international platform. The exchange revealed that it has gained a lot of prominence and recognition in the local market. On top of that, the exchange is also seeing a lot of requests and following internationally.
This is the reason why the exchange is now planning to expand its services outside of Brazil. The Chief Executive Officer (CEO) of the exchange Reinaldo Rabelo revealed how they are planning to expand their services.
In the initial phase, the exchange will be expanding its services in Argentina, Chile, and Mexico. He stated that the current regulatory structure of these three countries is very much the same as Brazil. This is the reason why the exchange has made the decision of expanding its services in these three countries.
Once launched, the exchange will be closely monitoring the adoption rate, investment volume, and the institutional feedback from the countries. If things go as planned, they will surely be expanding their services into more countries.
According to on-chain analysis reports, Mexico currently ranks as the fourth largest Latin American country in the world with respect to Bitcoin trade volume. As far as Chile and Argentina are concerned, these two countries rank as number fifth and number seventh respectively.
In these three countries, the Bitcoin (BTC) trading volume is comprised of peer-to-peer transactions. This means that there is a huge demand from the local traders for Bitcoin (BTC), which is not being met by the centralized trading platforms.
Therefore, the exchange expects that it will be receiving a very huge reception and warm welcome from the local investors from these countries.
The news of Mercado Bitcoin expanding its business comes after an announcement that it had made around its recent funding round. According to Mercado Bitcoin (BTC) it had recently carried out a successful funding round in which it managed to raise $38 million.
Mercado Bitcoin (BTC) announced that it had managed to raise the funds from venture capital firms. Some of the most prominent firms include Banco Plural, Parallax Ventures, and Evora Fund.