The parent company of the Brazilian exchange Mercado Bitcoin – 2TM – acquired Portugal’s regulated cryptocurrency exchange CriptoLoja as a first step towards expansion in Europe.
Portugal’s central bank has yet to approve the deal, however 2TM expects it to take place in the coming months. The amount of the transaction, as well as the size of the acquired share, were not disclosed. Luís Gomes and Pedro Borges will continue to lead the company as before and will now be responsible for expanding into the European market.
Borges is confident that Portugal is one of the most favorable countries for crypto business in Europe. Cryptocurrencies are still gaining popularity in the country and are generating huge demand from people. At the same time, the state does not impede the development of private companies wishing to build a business on this. 2TM CEO Roberto Dagnoni said:
“The Portuguese market is strategically important for us as it is more difficult to obtain a license there. It provides an important competitive advantage. And if we get it, it will open the way for us to the rest of Europe. ”
2TM will initially offer OTC trading in Portugal, with plans to add Mercado Bitcoin services to retail and institutional clients later. Recall that in July, the Brazilian trading platform Mercado Bitcoin raised $ 200 million in funding.
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