Coinbase will continue its global acquisition strategy, reportedly buying Brazilian company 2TM, parent company of Mercado Bitcoin.
Accordingly information by Esstadão, the third-largest newspaper read by Brazil’s 212 million residents, the Coinbase acquisition could be completed by next month. Negotiations for the purchase were conducted throughout 2022.
Mercado Bitcoin is Latin America’s largest crypto broker whose parent company 2TM consolidated its unicorn Billion dollar company status in 2021. Valued at $2.2 billion, 2TM has also pursued an acquisition strategy, particularly in lusophone countries. 2TM’s Mercado Bitcoin snapped up Portuguese CriptoLoja, a Lisbon-based crypto exchange in January.
The 2TM Holding umbrella now includes Meubank, MB Digital Assets, CriptoLoja, Bitrust, Blockchain Academy, MezaPro, Wuzu and Portal do Bitcoin.
For Coinbase, the reported proposed purchase of 2TM shows that their global acquisition strategy is snowballing. After acquiring an Indian AI startup to improve customer service so angry feedback from customers The San Francisco-based stock exchange has also recently proved to be too much Purchased blockchain infrastructure platform Bison Trails.
Coinbase’s youngest institutional investor report by Coinbase on Latin America, “Crypto in Latam,” mentions Brazil 31 times, while Mexico (with a larger GDP, but lots of crypto interest) only 17 was mentioned.
The report states that in Brazil:
“Direct crypto trading is growing fast. Local crypto exchange Mercado Bitcoin has seen a sevenfold year-over-year increase in transaction volume through August.”
The world’s second largest cryptocurrency exchange, a cornerstone of the group’s Latam expansion plans, has also been on the lookout for business development managers and executives as part of a hiring in Brazil Spree.
It’s no surprise why; Brazil is a hotbed for Bitcoin adoption. The capital is Rio de Janeiro Accept crypto for certain taxes in 2023and according to to Triple-A, more than 10 million Brazilians own cryptocurrencies.
Please note that Cointelegraph has reached out to Coinbase, 2TM, and Esstadão for comment and will update where possible.
https://cointelegraph.com/news/coinbase-to-reportedly-buy-the-2-2b-brazilian-unicorn-behind-mercado-bitcoin Coinbase is reportedly set to buy the $2.2 billion Brazilian unicorn behind Mercado Bitcoin