Coinbase in talks to acquire cryptocurrency exchange in Brazil
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Answer Coinbase in talks to acquire cryptocurrency exchange in Brazil
Brazilian daily Estadão reported on Sunday that Coinbase is in talks to acquire 2TM, the operator of Brazil’s best cryptocurrency exchange Mercado Bitcoin.
Although the two parties have not revealed anything officially so far, they have been negotiating the deal since last year and it is expected to enter into an agreement between them by the end of next April.
This move can be considered as part of the American company “Coinbase” plan to expand its operations on a global scale.
In a letter issued in February, Coinbase revealed its plans to strengthen its base in Latin American markets and is also expanding its workforce.
Coinbase Expansion:
Mercado Bitcoin is one of the largest cryptocurrency exchanges in Brazil.
Read:The US Dollar Is Exploding… Here’s How It Will Affect the Cryptocurrency Market
It added 1.1 million new users last year, closing the year with 3.2 million users, according to Coindesk.
In addition, the trading volume on the platform reached $7.1 billion in 2021.
Apart from cryptocurrency trading services, the Brazilian platform provides services including Decentralized Finance (DeFi) and participates in the development of the Metaverse ecosystem.
In addition, 2TM, the parent company of the cryptocurrency exchange, owns several other companies, including:
Meubank, MB Digital Assets, Bitrust, Blockchain Academy and MezaPro.
The company plans to expand into Argentina, Chile, Colombia and Mexico through acquisitions.
2TM, backed by venture capital firms, raised $200 million last June and closed another $50 million funding round in November, valuing the company at $2.1 billion.
It is worth noting that Coinbase is not the only platform focused on its expansion in Latin America.
Its rival Binance is also looking to acquire banks and payment processors in the region, and has previously signed a memorandum of understanding to acquire Brazilian stockbroking firm Sim;paul Investimentos.
In addition, the report stated that Coinbase’s interest in 2TM came after Coinbase failed to acquire Mexican cryptocurrency Bitso.
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