2TM is the company that owns Mercado Bitcoin, Mercado Bitcoin is Latin America’s largest crypto brokerage. It looks like Coinbase are about to secure their latest deal in acquiring the company that is worth $2.2 billion. With the Latam region being a hotbed for bitcoin adoption, it is no surprise that research shows that more than 10 million Brazilians own cryptocurrency. This could be a pretty big opportunity for Coinbase to really get themselves cemented in the region in which crypto is most likely to be widespread, and entirely normalised.
U.S. cryptocurrency exchange Coinbase Global Inc is set to close the acquisition of 2TM, a Brazilian holding that controls Latin America’s largest crypto brokerage Mercado Bitcoin, by the end of April, local newspaper O Estado de S.Paulo reported, without revealing how it obtained the information.
The talks, which began last year, are part of Coinbase’s push to broaden operations in an increasingly competitive market that has also caught the eye of its major rival Binance Holdings Ltd. Coinbase and 2TM did not immediately comment on the report.
Binance is also on the lookout for acquisitions in Brazil, the newspaper says, noting that the country’s cryptocurrency market is expected to reach 120 billion reais ($25.3 billion).
Brazil’s crypto unicorn 2TM would give Coinbase the leverage needed to secure a market leader position in Latin America. The holding behind Mercado Bitcoin, Meubank, MB Digital Assets, Bitrust, Blockchain Academy e MezaPro was valued at roughly $2.2 billion in the latest Series B funding round led by Japan’s SoftBank Group Corp.
The acquisition also allows 2TM, which has already purchased several companies in Brazil, to speed up growth in Latin America, expanding into Chile, Colombia, Mexico and Argentina.
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