Mercado Bitcoin, Brazil’s largest crypto exchange, announced a new partnership with Wormhole on Wednesday, expanding the scope of its tokenized financial assets.
The new partnership aims to expand tokenized assets, including private credit offerings, over $200 million across more than 30 blockchain ecosystems.
The Rio de Janeiro-based exchange is a major player in the state of digital assets in Latin America, where there is already an increasing portfolio of tokenized products with over 4 million clients. By integrating Wormhole’s interoperability protocol, MB is looking to provide a more scalable and transparent solution for the issuance and trading of assets in the chain, especially in underserved secondary markets.
“We are pleased to announce that we are committed to providing a range of services to our customers,” said Fabrício Tota, vice president of MB’s New Business Development. “Today, the official interoperability partner, Wormhole can scale across regional boundaries and connect tokenized asset ecosystems to a truly global, multi-chine environment.”
You might like it too: Ripple will partner with Mercado Bitcoin to launch payment solutions in Brazil
Long-term structure
As part of the agreement, the Wormhole Foundation will make a strategic investment in one of MB’s tokenized products. Companies are noting that this is the first stage in what is called a long-term alliance.
Wormhole already supports multi-chine tokenized assets that manage more than $3 billion in multichine tokenized assets through partnerships with financial giants such as BlackRock, Apollo and Securitize, which we consider to be a significant expansion into the Latin American market.
“We’re looking forward to seeing you in the world,” said Dan Reecer, co-founder of the Wormhole Foundation.
This partnership is designed to address the long-standing liquidity and access issues of the tokenized financial sector. MB aims to simplify the movement of tokenized assets across a variety of blockchain networks. This is expected to increase transparency and reduce friction in global financial markets.
You might like it too: Brazil’s biggest crypto exchange Mercado Bitcoin integrates Inj
