Brazilian cryptocurrency exchange Mercado Bitcoin plans to expand into the Mexican market. Platform CEO Reinaldo Rabelo told Cointelegraph that the company is awaiting approval from local regulators.

According to him, the exchange plans to expand the geography of its services in 2022. The senior executive did not disclose the details.

In April, Rabelo described foreign acquisitions as “the easiest way” to enter new markets. According to him, these firms are already operating under the laws of a particular jurisdiction.

“So mergers are the more obvious choice. [для экспансии]”, – said the CEO of the exchange.

At the end of 2021, 2TM Group, the parent company of Mercado Bitcoin, closed a $50.3 million Series B extended funding round.

Prior to that, the firm was the eighth largest, raising $200 million from SoftBank Latin America Fund.Unicorn” in the area.

Previously, Mercado Bitcoin received $37.4 million to expand its presence in Latin American markets.

In the summer of 2022, 2TM Group announced a reduction in staff amid the negative situation in the global economy.

Recall that a number of prominent industry players have announced layoffs, including Coinbase, Crypto.com, BlockFi, BitMEX, Bitpanda, Compass Mining mining company, and OpenSea NFT marketplace.

Bitcoin exchange Gemini has warned of a second wave of optimization.

Changpeng Zhao, CEO of Binance exchange, by contrast, described the crypto winter as a good time to hire new employees. Plans to recruit more than three hundred experts were announced by KuCoin chairman Johnny Liu.

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