Coinbase will continue its global acquisition strategy by reportedly purchasing the Brazilian company 2TM. This is the parent company to Mercado Bitcoin.
According to Estadao (the third largest newspaper in Brazil, read by 212 million people), the Coinbase acquisition may be completed by next month. The negotiations for the acquisition have been ongoing since 2022.
Mercado Bitcoin, Latin America’s biggest crypto brokerage, was founded by 2TM, which cemented its unicorn status in 2021 as a $1 billion company. 2TM, valued at $2.2 billion has pursued an acquisition strategy, especially in lusophone nations. 2TM’s Mercado Bitcoin bought Portuguese CriptoLoja in January.
2TM Holdings now includes Meubank and MB Digital Assets, CriptoLoja and Bitrust, Blockchain Academy as well as MezaPro, Wuzu, Portal do Bitcoin, and MezaPro.
Coinbase’s reported purchase of 2TM is a sign that their global acquisition strategy has been successful. Following the acquisition of an Indian AI startup to improve customer service as angry feedback from customers proved too much, the San-Francisco-based exchange also recently purchased blockchain-infrastructure platform Bison Trails.
The most recent Coinbase institutional investor report on Latin America, “crypto In Latam”, mentions Brazil 31-times, while Mexico (with a higher GDP and lots of crypto interest) was only 17.
According to the report, Brazil has:
“Direct crypto trading is rapidly growing.” Transaction volumes at Mercado Bitcoin, a local crypto exchange, have increased sevenfold since August.
The group’s Latam expansion plans are based on Latam, and the second-largest cryptocurrency trading platform in the world has been looking for business development executives and managers as part of a Brazilian hiring spree.
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Brazil is an obvious choice for Bitcoin adoption. Rio de Janeiro, the capital of Brazil, will accept crypto for tax purposes in 2023. Triple-A reports that more than 10,000,000 Brazilians have cryptocurrencies.
Cointelegraph reported that 2021 in Brazil was the year of mass adoption. UFC stars and politicians joined the fray.
Cointelegraph has reached out to Estadao, 2TM, and Coinbase for comments. We will update as soon as possible.
Eileen Wilson –Technology and Energy
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