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Rio de Janeiro mayor plans to invest 1% of the city’s treasury in bitcoin

Eduardo Paes, mayor of Rio de Janeiro, intends to invest 1% of the city’s treasury reserves in bitcoin. Brazil’s top newspaper O Globo reported the news on Thursday, citing Paes’s comments made at the Rio Innovation Week event. Paes was speaking on a panel alongside Miami mayor Francis Suarez and said: “We are going to launch Crypto Rio and invest 1% of the treasury in cryptocurrency.” Paes is also set to establish a working group in that regard, per the …

Mercado Bitcoin parent 2TM to acquire Portuguese exchange CriptoLoja

Brazil-based 2TM Group is expanding into Europe with the acquisition of Lisbon-based exchange CriptoLoja, the company announced on Jan. 12. The acquisition, pending regulatory approval from Portugal’s central bank, will give 2TM a controlling stake in CriptoLoja. 2TM is the parent company of Mercado Bitcoin, which bills itself as the largest crypto exchange in Latin America. In June, CriptoLoja became the first crypto exchange to get a “virtual asset service provider” operating license from Portugal’s central bank, Banco de Portugal. …

Brazilian fintech Nubank is now publicly listed in the US and Brazil

Brazilian fintech unicorn Nubank listed on the New York Stock Exchange (NYSE) and Brazil’s B3 this week, starting its journey as a public company. Nubank listed on the NYSE (NU) and Brazil’s B3 exchange (NUBR33) on Dec. 9, after announcing tentative dates last month. According to Reuters, Nubank is now the most valuable listed bank in Latin America. The neobank finished its first day of trading on the NYSE with shares up by close to 15%, CNBC reported. This valued …

Brazil’s BTG Pactual launches new fund with ETH exposure

BTG Pactual has launched a new multimarket fund with exposure to ether (ETH), the Brazilian investment bank announced today.  The fund, called BTG Pactual Reference Ethereum 20, has 20% exposure to ETH, the native cryptocurrency of the Ethereum network, and 80% to fixed income. It requires a minimum investment of 100 Brazilian reais ($17.74) and a 0.5% annual administration fee.  BTG Pactual Reference Ethereum 20 joins two other bitcoin-focused funds the bank launched earlier this year—BTG Pactual Reference Bitcoin 20 …

Brazilian users of fintech Mercado Pago can now buy, sell and hold crypto through Paxos partnership

Latin America fintech Mercado Pago has partnered with Paxos to allow its Brazil-based users to buy, hold and sell cryptocurrencies directly in the app they use to make payments and send money.  The app will initially support bitcoin, ethereum and Paxos’ dollar-pegged stablecoin, Pax Dollar (USDP). Paxos will be the custodian for the cryptocurrencies. Mercado Pago is incrementally rolling out the feature to Brazilian users this month, starting with employees. These people will immediately have access to those cryptocurrencies if …

Brazil’s 2TM raises $50.3 million in second Series B closing

Brazil’s 2TM Group, the parent company of exchange Mercado Bitcoin, has raised $50.3 million in a second closing for its Series B funding round as it eyes Latin America expansion. The unicorn completed the first closing of the round in July, raising $200 million from the SoftBank Latin America Fund.  The second closing acts as an extension where more investors can join the round. New investors include U.S.-based equity fund 10T and venture capital fund Tribe Capital, plus Brazil-based firms …