As per Estadão a Brazil newspaper report, by April Coinbase might complete the $2.2 billion 2TM Mercado Bitcoin company acquisition.
Coinbase will carry on with its international strategy of acquisitions, and buy the Brazil firm 2TM which is the mother company of Mercado Bitcoin.
As per the details from Estadão which is the third biggest Brazilian newspaper and distributed among the above 212 million population of Brazil, the Coinbase buying might be completed by the coming month. During the course of 2022, discussions have been taking place for the deal.
Mercado Bitcoin is the biggest cryptocurrency trader in Latin America whose mother company 2TM has secured it’s privately held over billion-dollar company status in 2021. 2TM with its $2.2 billion value has also been pursuing the buying strategy, especially in lusophone states. In January, Mercado Bitcoin from 2TM bagged Portuguese crypto exchange CriptoLoja based in Lisbon.
The umbrella of 2TM Holdings now includes Blockchain Academy, Wuzu, Meubank, Portal do Bitcoin, MB Digital Assets, Bitrust, MezaPro, and CriptoLoja.
The reported buying plan of 2TM for Coinbase shows that their international buying strategy is advancing. The exchange based in San-Francisco lately also bought Bison Trails which is an infrastructure platform of blockchain, after the purchase of an Indian AI startup for improving the customer service facing angry customer feedback which proved too much for them.
Institutional Coinbase investors reported on Latin America that Latin America next to cryptocurrency, Brazil is mentioned 31 times, whereas Mexico only 17 times (with bigger GDP but lots of cryptocurrency interest).
In the report, it is stated that there is a rapid growth in direct cryptocurrency trading. Mercado Bitcoin which is a local-based cryptocurrency exchange has observed a seven-fold increase in its transactions year by year to August.
A foundation of the group’s Latin America business growth plans, the world’s second-biggest cryptocurrency exchange has also been looking for business development managers and executives as part of its hiring plan in Brazil.
It is not surprising that Brazil is becoming a breeding ground for Bitcoin acceptance. Rio de Janeiro which is the second biggest city in Brazil will be accepting cryptocurrency in 2023 with taxes. As per the triple-A report, more than 10 million Brazilian citizens are the owners of cryptocurrency.