The U.S. cryptocurrency exchange, Coinbase Global(COIN), is reportedly set to acquire 2TM, the parent company of Mercado Bitcoin, Brazil’s largest crypto exchange, by the end of April.
This was reported by a local Brazilian newspaper O Estado de S.Paulo on Sunday without citing its sources.
It is revealed that the talks regarding the acquisition had already begun last year. However, both the firms did not immediately comment on the report.
Brazil’s crypto giant 2TM would give Coinbase the perfect start to secure a leading market position in Latin America.
2TM, which already owns several firms in Brazil, would accelerate exponential growth in Latin America, expanding into Chile, Colombia, Mexico and Argentina, thanks to the acquisition.
The holding company 2TM was valued at roughly $2.2 billion in the latest Series B funding round which was led by Japan’s SoftBank Group.
With the increasing crypto integration by Brazil that eventually tripled stablecoin trading in 2021 over the previous year, crypto exchanges like Binance, Crypto.com and Coinbase, too, are looking forward to business opportunities in the country.
As mentioned earlier, Binance, too, is apparently trying for acquisitions in Brazil and has started striving with the first step in this direction. In March, Binance signed a Memorandum of Understanding (MoU) to explore the acquisition of the Brazilian brokerage Sim;paul Investimentos.
