Coinbase Global is in talks to buy 2TM, the owner of Mercado Bitcoin, the largest crypto exchange in Brazil. According to the Estadão newspaper reporton sunday
According to the report, which does not cite the source, talks between Coinbase and 2TM have been going on since last year. And will be able to announce the deal at the end of April.
Mercado Bitcoin reaches 3.2 million customers in 2021, adding over 1.1 million last year. And it’s trading volume reaches $7.1 billion in 2021.
In June, 2TM raised $200 million in Series B funding and another $50 million in its second round of funding in November. which makes the company worth $2.1 billion.
Amid Brazilian crypto adoption that tripled in stablecoin trading in 2021 from last year, global exchanges such as Coinbase, Binance and Crypto.com have turned their attention to the Latin American country.
In November 2020, Coinbase announced the creation of an engineering hub in Brazil. and recruiting for various positions to expand the team there
Binance, on the other hand, plans to acquire banks and payment processors in Brazil, according to Binance CEO Changpeng Zhao on March 16 during a visit to Sao Paulo. and in the same month The company has signed a Memorandum of Understanding (MoU) to acquire Brazilian brokerage 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 has acquired a stake in CriptoLoja, Portugal’s first regulated crypto exchange.
In addition to owning Mercado Bitcoin, 2TM also owns Meubank, MB Digital Assets, Bitrust, Blockchain Academy and MezaPro.
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