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Coinbase acquires Brazilian parent company behind Mercado Bitcoin

 


Coinbase is continuing its global acquisition strategy and is set to acquire Brazilian company 2TM, parent company of Mercado Bitcoin.


Coinbase 's acquisition could be complete by next month, according to Estadão, Brazil's third-largest newspaper . Negotiations for the purchase took place during 2022.


Mercado Bitcoin is Latin America's largest crypto broker. Its parent company 2TM has become a billion -dollar company in 2021 . Valued at $2.2 billion, 2TM has also pursued an acquisition strategy, particularly in the lusophone countries. Mercado Bitcoin acquired Portuguese-based crypto exchange CriptoLoja in January .


Holding 2TM now includes Meubank, MB Digital Assets, CriptoLoja, Bitrust, Blockchain Academy, MezaPro, Wuzu and Portal do Bitcoin.


For Coinbase, the planned acquisition of 2TM is proof that the global acquisition strategy is working. The exchange previously acquired an Indian AI startup to improve customer service as disgruntled customers continued to mount. More recently, it also has the Bison Trails blockchain infrastructure platform. bought up.


In the latest Coinbase report for institutional investors on Latin America "Crypto in Latam", Brazil is mentioned 31 times. Mexico, on the other hand, which has a larger GDP and where there is a lot of interest in crypto , is only mentioned 17 times.


The report says of Brazil:


“Direct crypto trading is growing rapidly. Local crypto exchange Mercado Bitcoin saw transaction volume up 7x year-over-year through August.”

The second largest cryptocurrency exchange in the world in Brazil is also looking for business development managers and executives en masse .


That's not very surprising either. In Brazil, bitcoin acceptance is increasing. The capital, Rio de Janeiro, will accept cryptocurrencies as payment for certain taxes in 2023 , and according to Triple-A, over 10 million Brazilians own cryptocurrencies.

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