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Top Brazilian Crypto Exchange Mercado Bitcoin Adopts Sports Token Chiliz

Mercado Bitcoin, the largest cryptocurrency exchange in Brazil, has announced its plans to add sports token Chiliz ($CHZ) to its existing list of digital assets.

This is big news for the developing blockchain fintech company specialized in sports and entertainment Chiliz, as Mercado consists of the largest digital asset trading platform in Latin America.

With $CHZ being accessible on the largest cryptocurrency exchange in Latin America, the fan token may significantly increase in popularity, as Mercado Bitcoin currently has more than 1.9 million registered users on its platform.

Introducing Chiliz

Chiliz is a sports blockchain platform focused on sports and entertainment, that developed Socios.com as an app that could be used for sports trading purposes. Socios.com encourages fans to vote in club polls and earn digital assets as rewards for their efforts. The payout is in $CHZ and is also known as “Fan Tokens”. Chiliz utilizes $CHZ as the sole on-platform currency and runs on a personalized blockchain infrastructure.

The sports-focused digital trading platform has previously extended its entertainment services and partnered with renowned “big names” in the sports industry, notably FC Barcelona, Juventus and Paris Saint-Germain, among others. Not only are their $CHZ tokens used in soccer-related sports entertainment, but in May, Chiliz has also partnered with UFC.

Tokenization in the Sports Industry

The sports industry appears to be also slowly making their way towards globalizing tokenization, with FC Barcelona launching their own Fan Token, $BAR, earlier in June 2020. This move generated $1.3M in sales revenue in less than 2 hours. Enthusiastic about the record sales time of fan tokens, CEO and Founder of Chiliz Alexandre Dreyfus took to his Twitter account and wrote that the token flash sale was a success, with fans and crypto enthusiasts from 106 countries buying the Fan Tokens.

Chiliz CEO Alexandre Dreyfus Likes Mercado

He also tweeted about his recent partnership with Mercado Bitcoin, saying that Chiliz is the first ‘altcoin’ or proper utility token to be listed on the leading Brazilian crypto exchange. He is enthusiastic about the fact that Mercado Bitcoin has a nearly 2M user base and thinks that the partnership with them will consolidate his strategy to expand his crypto company growth to Latin America and Brazilian teams.

Japan’s SoftBank leads $200 million investment in Brazil’s Mercado Bitcoin

Japan’s SoftBank recently has invested $200 million into the Mercado Bitcoin crypto exchange in Brazil.

Roberto Dagnoni, the CEO and executive chairman of 2TM Group, the parent company of Mercado Bitcoin, revealed that the cryptocurrency exchange plans to utilize the funds to ramp up its business activities, improve its crypto offerings, and make an investment in infrastructure, so that meet the increasing demand for cryptocurrency services in Brazil.

The investment is considered the largest raised through a Series B funding round in Latin America’s history and SoftBank’s largest investment in a crypto firm in Latin America. The 2TM group stated that its valuation hit $2.1 billion as a result of that investment.

Softbank’s investment comes when investors’ interest in crypto assets has increased amid crackdowns imposed by regulators in Japan, Britain, and China. Such crackdowns have resulted in outflows of cryptocurrency investment funds and products in the previous few weeks.

However, Dagnoni was unmoved by the recent crackdown on crypto assets.

In a phone interview with Reuters, Dagnoni stated: “We are strong believers in the fundamentals of crypto.”

Dagnoni further stated: “The platform is quite integrated. So, custody is very important in releasing the power of the institutional market. We’re also looking at regional expansions in Latam and expansions via M&A (mergers and acquisitions) as well.”

Mercado Bitcoin is the largest crypto exchange in Brazil. It established its crypto business operation in 2013. Since then, the firm has experienced significant growth, with customers hitting 2.8 million this year, more than 70% of the entire number of investors in Brazil’s stock exchange.

An estimated 700,000 new clients created accounts to utilize Mercado Bitcoin’s cryptocurrency services between January and May this year. The trade volume at Mercado Bitcoin has risen to $5 billion during the first five months of this year, thus surpassing the entire volume of its first seven years in business operations.

Raining Crypto Funding Rounds

While crypto tokens significantly influence traditional financial and banking systems, such as rising investments in recent months. The entire market value of crypto assets is rising to hit $2 trillion, which could be larger than the market cap of Microsoft, Google, and Amazon.

Despite the recent plunge in Bitcoin prices, big names such as PayPal, Goldman Sachs, JPMorgan, Morgan Stanley, and others have seriously involved themselves and made investments in crypto exchanges. Morgan Stanley and Goldman Sachs became the first leading banks in the US to provide wealthy customers with direct access to Bitcoin services.

Meanwhile, blockchain technology’s popularity has dramatically grown and attracted more cryptocurrency investors and venture funds into the crypto market. Due to the popularity of crypto coins, blockchain technology is seen moving out of the crypto market and being embraced by other industries. Thus, institutions and venture companies are rushing to try their luck in crypto funding. Such funding assists crypto firms in expanding their operations and gives them the edge to try out executing new activities.

Coinbase Reportedly to Acquire Mercado Bitcoin Owner 2TM

America’s largest trading platform, Coinbase Global Inc, is reportedly on track to acquire 2TM, the Brazilian startup that owns the Mercado Bitcoin cryptocurrency exchange.

As reported by the Estadão newspaper, the American cryptocurrency trading firm has been in talks with 2TM since last year, despite citing no sources, claims a deal is on track to be inked by the end of April.

Mercado Bitcoin has been on a massive growth trajectory with the exchange hitting a 3.2 million milestone in the past year. While the platform added as much as 1.1 million in 2021 alone and the platform’s transaction volume topped $7.1 billion.

Latin America is growing to become a major region of interest amongst prominent trading platforms as there has been a steady growth of digital currency users in the region. Should the acquisition move be confirmed, it will lend credence to Coinbase’s expansion strategy as Mercado Bitcoin will be a very good pathway to make its presence felt in the Latin American world.

2TM is valued at $2.1 billion following $200 million it raised in a Series B funding round and $50 million in a second closing of the funding in last November. The startup also received a liquidity injection from Mercado Libre earlier in January alongside Paxos as reported by Blockchain.News.

Earlier this year, the 2TM Group also acquired a controlling stake in Lisbon-based crypto exchange CriptoLoja, an acquisition that expanded its ecosystem remarkably. The proposed acquisition from Coinbase will also likely extend its influence to the Portuguese markets through CriptoLoja.

Mergers and Acquisitions (M&A) is becoming a prominent event in the digital currency ecosystem and are even more common amongst trading platforms. Previously, Blockchain.News reported global digital assets platform, Amber Group, has taken up ownership of Japan-based cryptocurrency trading platform, DeCurret in a concluded transaction with no monetary terms declared back in February.

Mercado Bitcoin, Stellar Team Collaborate on Brazil’s CBDC Project

Mercado Bitcoin announced on Tuesday that it has partnered with the Stellar Development Foundation (SDF) to examine one of the nine projects in the LIFT Challenge Real Digital.

LIFT is a collaborative environment hosted by the Central Bank of Brazil and the National Federation of Associations of Central Bank Servers that aims to assess the use cases of the region’s CBDC.

Under the partnership, Mercado Bitcoin – the largest exchange in Latin America and the Stellar Development Foundation (SDF) – will explore use cases for a digital currency to be issued by the Banco Central do Brasil (BCB). The Central Bank of Brazil seeks to pick out Real Digital’s infrastructure characteristics that will support the use cases presented for the LIFT challenge.

Mercado Bitcoin said that it selected the Stellar network because it is the network of choice for other CDBC projects, financial asset tokenization, and stablecoin issuance and because of its unique combination of compliance, speed, efficiency, and security.

According to the announcement, CPQD, a Brazilian IT and communication firm, and ClearSale, a fraud management and chargeback protection services company, have also joined SDF in the LIFT Challenge.

Reinaldo Rabelo, CEO of Mercado Bitcoin, talked about the development and said: “We are in a consortium of companies that have the structure and ambition to build robust solutions for the financial market through blockchain technology. Utilizing the Stellar network will allow us to deliver a complete case for evaluation by the Central Bank.”

Denelle Dixon, CEO of the Stellar Development Foundation, also stated: “As SDF partners with Mercado Bitcoin in the LIFT Challenge Real Digital, the Stellar ecosystem grows stronger. Stellar’s network is prepared to support Mercado Bitcoin and the Central Bank of Brazil as they explore use cases for the Real Digital’s future. Stellar was designed for asset issuance, and its built-in compliance tools give Mercado Bitcoin a strong foundation to develop a solution with the features that Bacen expects to see.”

Public-Private Cooperation

The Brazilian CBDC project is moving forward because of the cooperation between the public and private sectors.

In March, the Banco Central do Brasil (BCB) obtained 47 applications from 43 firms that wanted to participate in the LIFT initiative, coming from the US, Germany, the UK, Portugal, Sweden, Israel, and Mexico.

BCB selected nine firms to explore the opportunities and possibilities that digital currency presents. Some of the companies selected included Mercado Bitcoin, the largest digital asset exchange in the Latin American region, Itaú Unibanco, the largest bank in the region with over 4,000 branches, and Banco Santander Brasil, the largest foreign bank in Brazil with over 29 million clients as well as Tecban, VERT, and Febraban, Visa, and Aave.

The LIFT Challenge initiative allows the central bank to work with the participants on the key matters relevant to the implementation of ‘a digital real’ in order to deepen their understanding and business models and, therefore give continuity to developing a digital currency that can add functionalities to the national payment and settlement systems and generate benefits for the entire society.

Brazil’s Securities Market Regulator Targets Mercado Bitcoin over Token Sale

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The Brazilian Securities and Exchange Commission (CVM), the securities market regulator in Brazil, has ordered Mercado Bitcoin, the largest cryptocurrency exchange in Brazil, to provide information on fixed-income tokens the exchange has issued over the last two years.

According to reports by Estadão newspaper, the capital markets regulator wants to know the amount Mercado Bitcoin raised with the tokens and see a list of investors who participated.

While the report did not reveal the names of the tokens, it confirmed that they were issued on a blockchain and allegedly backed by real-world assets. The report further said the tokens were “low risk and high yield” in “consortium, energy, writs of payments and receivables.”

Mercado Bitcoin has responded to the matter, saying that its token sales fully complied with Brazil’s regulatory framework. The exchange further said it “actively” works with the securities market regulator and Brazil’s central bank to “contribute to the construction of regulations for the sector.”

“We do not make public offerings of securities outside the scope of the authorizations we hold as an authorized crowdfunding platform and investment manager,” Mercado said.

In early this month, the CVM banned the Singapore-based crypto exchange Bybit from brokering securities in the country. On September 5, Bybit was booted out of the Brazilian market over its alleged unregistered securities offering. The country’s securities watchdog ordered the Singaporean exchange to cease operations immediately or face a daily fine.

The CVM alleged that Bybit was seeking to raise funds from Brazilian investors for investments in securities without the company having the authorization to act as a securities intermediary. The regulator argued that only Brazil’s stock exchange B3 is allowed to offer securities in the country.

This month, 2TM Group, Mercado Bitcoin’s parent company, criticized Brazilian regulators for not being clear about regulating cryptocurrency. The company said the current environment in Brazil is unfair and has not yet developed a clear regulatory framework for crypto-activities.

Meanwhile, reports indicate that the CVM is preparing to release an official crypto guide soon but encourages companies to consult the commission before issuing any token that may be considered a security.