Published: 28.03.2022
Article reading time:
2 minutes.
The American trading platform Coinbase intends to acquire shares of 2TM, the owner of the Brazilian cryptocurrency exchange Mercado Bitcoin, by the end of April this year.
According to local publication Estadão, negotiations between Coinbase and 2TM have been underway since last year and an agreement could be announced as early as the end of next month.
In 2021, Mercado Bitcoin reached 3.2 million customers and had a trading volume of 7.1 billion. In June, 2TM raised $200 million in a Series B funding round and $50 million during its second November funding close, valuing the company at $2.1 billion
As the cryptocurrency industry in Brazil thrives, having tripled the volume of stablecoin trading in 2021 compared to the previous year, the Latin American country has attracted the attention of such cryptocurrency giants as Coinbase, Binance and Crypto.com. In November 2020, Coinbase announced the establishment of an engineering center in Brazil and opened a number of vacancies to expand its team.
Binance CEO Changpeng Zhao said during a March visit to Sao Paulo that he plans to acquire banks and payment systems in Brazil. The same month, the company signed an agreement to acquire Brazilian securities broker Sim;paul Investimentos.
2TM plans to grow in Latin America through acquisitions in Argentina, Chile, Colombia and Mexico, 2TM CEO Roberto Dagnoni said. In January, the company acquired a majority stake in CriptoLoja, the first regulated cryptocurrency exchange in Portugal.
Recall that Coinbase opened its branch in Brazil back in 2019. Recently, Changpeng Zhao announced that from 2023, the tax office of Rio de Janeiro will accept real estate taxes in bitcoins with the support of the Binance exchange.
Source: Bits
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
