Brazil's MB says awaiting right crypto scenario for IPO
By Paula Laier
SAO PAULO, Feb 2 (Reuters) - Brazilian digital assets platform MB is ready to launch an initial public offering (IPO), but wants to wait for a more bullish crypto asset market first, the CEO of MB's parent company said in an interview.
"We are ready (for an IPO)", 2TM CEO Roberto Dagnoni said on Thursday, while noting that a flotation would only make sense in a market such as that of 2021.
Bitcoin, the world's largest crypto currency, reached a record high of nearly $69,000 in 2021. On Friday, it was trading at almost $43,000.
MB, previously called Mercado Bitcoin, has 4 million customers registered on its platform. It had hired banks in 2021 to kickstart an IPO, but ultimately opted for private funding to grow. It raised $200 million with the SoftBank Latin America Fund that year.
MB's CEO Reinaldo Rabelo said the firm has broken even and there was no immediate urgency to float on the stock market.
MB plans to diversify revenue with initiatives such as the launch of debit cards in the first half of the year, the executives said. (Reporting by Paula Arend Laier; writing by Andre Romani; Editing by Rosalba O'Brien)
