Cryptocurrency exchange Coinbase, Brazil’s largest cryptocurrency The owner of Mercado Bitcoin has started negotiations to buy 2TM.
Agreement Between Coinbase and 2TM To Be Announced In April
Negotiations between Coinbase and 2TM have been going on since last year, according to local reports, and it could be announced that an agreement was reached in April.
Mercado Bitcoin reported that in 2021, it increased the number of customers by 1.1 million, reaching 3.2 million users. The trading volume of the stock market increased to 7.1 billion dollars in 2021.
In June, 2TM organized a financing round of 200 million dollars, and in the second financing round in November, it increased the value of the company to 2.1 billion dollars with an investment of 50 million dollars.
Exchanges such as Coinbase, Binance and Crypto.com began to focus on the country, as Brazil’s stablecoin volume tripled in 2021 and there was an explosion of cryptocurrency adoption in the country.
In November 2020, Coinbase announced the establishment of an engineering center in Brazil and posted jobs in different positions to expand its team there.
Other Cryptocurrency Exchanges Are Also Active In Brazil
On the Binance side, there are plans to buy more banks and payment processors in Brazil.
According to the statements of Roberto Dagnoni, CEO of 2TM company, the company aims to grow in the Latin America region by making acquisitions in Argentina, Chile, Colombia and Mexico. In January, the company bought a majority stake in Portugal’s first regulated cryptocurrency exchange.
2TM is known as the owner of Mercado Bitcoin company, as well as Meubank, MB Digital Assets, Bitrust, Blockchain Academy and MezaPro.
*Not investment advice.