12 months ago
Date: 29 Mar 2022 - 13:30
Coinbase a leading U.S.based cryptocurrency exchange is reportedly close to acquiring 2TM the unicorn company that owns Mercado Bitcoin the biggest crypto exchange in Latin America Latam. The exchange has reportedly been in talks to acquire the company since last year and the deal could be closed in April according to local media seeing Coinbase expand its operations to Brazil.13Coinbase Targets Expansion With 2TM Acquisition13Coinbase one of the first cryptocurrency exchanges traded on traditional stock markets is aiming to expand its operations to Latam through purchases. According to reports coming from Estadao a Brazilian publication the company is in talks to acquire 2TM the parent company of Mercado Bitcoin a reference for cryptocurrency exchanges in Latam.13The two companies are said to have been in talks since last year and the deal might be closing next month though there have not been leaks about the amount Coinbase has decided to pay for the Brazilian unicorn. However 2TM was valued at more than 2 billion in its latest Series B funding round which had the participation of companies such as Softbank 10T and Tribe Capital. This would be part of the expansion policy of Coinbase to bring more economic freedom to the world as the exchange mentioned in a shareholder letter in February.13The report also stated that Coinbase shifted its interest to Mercado Bitcoin after conversations broke down surrounding the acquisition of Bitso a Mexicobased exchange with a presence in Latam.1313Exchanges Entering Latam Through Brazil13The latest developments suggest that while other countries may have a more developed cryptocurrency framework or a more vibrant crypto community exchanges and companies are turning to Brazil as a door to enter and offer services in Latam. Binance another leading cryptocurrency exchange is also investing in Brazil. The company announced this month it had signed a memorandum of understanding with the goal of acquiring Simpaul Investimentos a regulated brokerage firm also as a part of its investment expansion policy.132TM currently has more than 3.2 million customers that depending on how Coinbase manages this acquisition could be directly handed to the company. At the same time 2TM had expansion plans to reach other regions of the continent including Mexico Argentina Chile and Colombia which might remain or change if the acquisition goes smoothly and the talks conclude next month.13What do you think about Coinbases acquisition of 2TM the parent company of Mercado Bitcoin Tell us in the comments section below.13
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