Softbank-backed Brazilian crypto company launches new venture unit

NEW YORK : Softbank-backed Brazilian company 2TM, which runs the largest cryptocurrency exchange in Latin America, has launched a venture capital unit focusing on blockchain companies around the world, the company's chief executive officer said in an interview.

The Brazilian firm raised US$200 million from Japan's SoftBank Group Corp for Mercado Bitcoin in a financing round over the summer. Investments will be made using both traditional financial instruments such as equity and convertible notes, as well as new instruments including direct purchase of tokens.

NFTS are unique digital assets that cannot be replaced with something else. Many NFTS are part of the Ethereum blockchain.

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Steelmaker POSCO to split off steel operations, become holding companySEOUL : South Korea's POSCO said on Friday that it planned to split off its steel operations and become a holding company. The newly launching holding company will own the steel operation and oversee development of new businesses, it said. (Reporting by Heekyong Yang; Editing by Himani Sark
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