Brazil-based exchange, Mercado Bitcoin, has revealed its intention to begin operation in Mexico. According to Reinaldo Rabelo, the company’s CEO, the firm was waiting for permission to begin its activities.
Therefore, the crypto exchange has stated that it will begin operation in Q2 2022. However, the CEO did not provide details of the activities it plans to carry out.
Meanwhile, in April, Rabelo hinted that buying a cryptocurrency exchange is an easier way to expand into any country. This is better than having to start one from scratch.
Mercado Bitcoin To Begin Operations In Mexico In Q2 2022
According to Rabelo, the company is in the final stage of receiving regulatory approval. As a result, it is set to begin operation in Mexico in Q2 2022.
Furthermore, the CEO said the parent company, 2TM is now careful of the Latam crypto market. This is due to the recent crypto market decline.
Currently, the group has offices in Portugal and Brazil through Portal do Bitcoin, Blockchain Academy, Criptoloja, and Bitrust. Last year, 2TM received funds worth over $200 million from a banking firm, Softbank.
The purpose of the funds was to open more offices in the Latin American market. Despite its office in Portugal, the firm does business majorly in Brazil.
Mercado Bitcoin, which was created in 2013, has witnessed reduced trading volumes. This is due to the bearish momentum of the crypto market in 2022.
Even the CEO had confirmed this during an interview. In 2021, the exchange firm reported a trading volume of over $7.31 billion (40 billion reais).
Crypto Usage In Brazil
Meanwhile, Mercado Bitcoin’s expansion to Mexico will see it contend with Bitso. Bitso is the exchange currently serving the country and other regions like El Salvador, Argentina, and Colombia.
Also, some senators in Mexico support making BTC a legal tender. However, there have also been proposals calling for a CBDC launch in 2024.
According to statistics, over 10 million individuals in Brazil have cryptocurrency. This represents about 5% of the total population. Also, Triple A carried out a survey. From the survey, 91% of crypto users in Brazil are men, while 40% are between the age bracket 20 to 25.
Besides, Brazil ranks fifth in terms of BTC ownership globally. According to Triple A, Brazil is ahead of South America when considering active crypto owners.
Furthermore, Rabelo believes the bearish crypto market will continue till next year. Also, he thinks the market will remain stagnant, and capital will reduce significantly.
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