Mercado Bitcoin’s chief executive said the SoftBank-backed Brazilian crypto is set to enter the Mexican market by the end of 2022 as part of its plan to expand elsewhere in Latin America.
In an interview, Mercado Bitcoin’s CEO, Reinaldo Rabelo “Certainly, in the second half of the year, we start operating in Mexico.” He further added that they are in the country’s final stage of talks for regulatory approval.
Rabelo also said that the move would be done through an acquisition, similar to how Mercado Bitcoin entered Portugal earlier this year after buying CriptoLoja Lisbon-based exchange.
This expansion move is coming c about one year after the company raised $200 million from SoftBank Group Corp’s Latin America fund, which is to be used to expand the crypto exchange across America.
But Rabelo said the firm is now “looking at the Latin American market a bit more cautiously due to the macroeconomic scenario.” Currently, Mercado Bitcoin operates only in Brazil in the Latin American Region. The Mexican market is, at the moment, an unfavorable environment for crypto assets amid regulatory woes and increased interest rates.