Mercado Bitcoin announces USDC issued by Stellar network

Rick Steves

Mercado Bitcoin is the largest cryptocurrency and alternative asset trading platform in Latin America and boasts more than 3.5 million customers. 

Mercado Bitcoin has announced it will have access to USDC issued on the Stellar network, thus offering users the possibility of transacting using USDC with lower fees, a fraction of one cent per transaction.

With this move, the largest platform for digital assets in Latin America is allowing customers to choose the network most suitable for their needs.

Denelle Dixon, CEO of Stellar Development Foundation, said: “USDC on Stellar provides Mercado Bitcoin customers both valuable interoperability and a truly borderless digital dollar. As we continue our mission of creating equitable access to the global financial system, this integration is a mutually beneficial step forward. MB is one of the largest digital assets exchanges in the southern hemisphere, with the potential to bring significant volume and liquidity to the Stellar network.”

Mercado Bitcoin offers same asset issued by different networks

This is the first time that the Mercado Bitcoin platform has offered the same asset issued by different networks.

Stellar is famous for safe and cheap transactions as the network is chosen for payments, tokenization, and issuance of real assets. It has processed an average of $8.6 million a day in payments in Q1 2022. By the end of the year, Stellar plans to launch native smart contracts that will unlock the creation of numerous applications.

Mercado Bitcoin is the largest cryptocurrency and alternative asset trading platform in Latin America and boasts more than 3.5 million customers.

Mercado Bitcoin raised $200 million from SoftBank

Last year, Mercado Bitcoin has raised $200 million from the SoftBank Latin America Fund, according to its parent company, 2TM Group. The firm has been using the funds raised to scale the business and offerings as well as invest in infrastructure to meet the soaring demand in the region.

It was the largest Series B round in Latin America’s history and SoftBank’s largest investment in a Latin America crypto company, with 2TM Group’s valuation at $2.1 billion USD: the eighth-most valuable unicorn in Latin America at the time.

In 2019, 2TM Group became the first company in the world to tokenize public debt assets. Since then, the company tokenized or distributed private debt, carbon credits, and a variety of utility and DeFi tokens. The group is working with regulators to build a consistent framework for alternative digital investments in Brazil.

Mercado Bitcoin’s Series A round in January 2021 was co-led by G2D/GP Investments and Parallax Ventures, with participation from HS Investimentos, Gear Ventures, Évora and Genial.

Read this next

Institutional FX

FXSpotStream reports second best figure for monthly volumes

Trading volumes on institutional FX platforms surged in June after fears over the impact of Russia’s military invasion of Ukraine sent speculative asset classes reeling.

Retail FX

Vantage expands MT5 offering with access to new stocks

ASIC-regulated foreign exchange brokerage Vantage has expanded its service offering and trading products by incorporating new markets, namely 14 exchange-based stocks on MetaTrader 5.

Digital Assets

CFTC charges $1.7 billion Bitcoin scam, largest to date

Mirror Trading accepted at least 29,421 Bitcoin from approximately 23,000 investors from the United States and even more throughout the world.

Retail FX

Spotware Systems upgrades cTrader Desktop to version 4.3

Spotware Systems, a technology provider for the electronic trading industry, has launched an updated version of its cTrader Desktop, which adds new functionality to join a roster of advanced trading capabilities.

Digital Assets

OKX launches Block Trading for tighter pricing

With Block Trading, users can integrate spot and derivatives trades on the same platform and trade multiple currencies in a single trade. The service supports trading of perpetual swap, futures, and option contracts with popular altcoins as the underlying.

Industry News

Interactive Brokers pays $1 million to settle with CFTC

Interactive Brokers overcharged its customers a total of $710,828.14.

Metaverse Gaming NFT

DappRadar launches cross-chain token staking

The launch of the cross-chain token staking mechanism by DappRadar comes under a partnership with LayerZero protocol, which enables smart contracts to communicate across different chains.

Digital Assets

Polkadot releases one-stop marketplace for Substrate pallets

Proof-of-stake blockchain Polkadot has achieved a significant feat in its development, as it rolls out Substrate Marketplace, a one-stop shop for exploring the many Substrate pallets currently available.

Digital Assets

Klever goes live with Mainnet of its native blockchain

Blockchain infrastructure provider Klever has completed the foundational development for its native layer 1 blockchain functionalities and today launches its mainnet.

<