Coinbase is said to be acquiring Brazil's largest crypto exchange
Crypto exchange Coinbase is said to be in talks with 2TM, the owner of Mercado Bitcoin, Brazil's largest crypto exchange, the Estado newspaper reported Sunday.
Coinbase in talks to acquire 2TM
Negotiations between Coinbase and 2TM have been ongoing since last year, the report said, citing no sources, and a deal could be announced by the end of April. The acquisition could be a response to growing interest in the Latin American country from global exchanges such as Coinbase, Binance, FTX and Crypto.com, as it would give Coinbase a significant head start in the country.Coinbase announced in November 2020 that it would establish an engineering hub in Brazil and opened several positions to expand its team there, indicating its interest in the country. According to Estado, Coinbase has also identified Mexican crypto exchange Bitso as a potential acquisition target, but no agreement has been reached.
What is 2TM?
2TM raised $200 million in a Series B funding round in June and $50 million in a second funding round in November, valuing the company at $2.1 billion, with investments from crypto exchanges such as FTX and Kraken. Its largest cryptocurrency exchange, Mercado Bitcoin, has 3.2 million customers (as of 2021), of which 1.1 million have been added in the past year.
In addition to Mercado Bitcoin, 2TM owns Meubank, MB Digital Assets, Bitrust, Blockchain Academy and MezaPro. The company plans to expand in Latin America through acquisitions in Argentina, Chile, Colombia, and Mexico, and recently completed a strategic acquisition in Portugal.
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