For a country with such a strong interest in Bitcoin, it’s no wonder.
2TM has a market capitalization of $2.2 billion.
The parent organization of Mercado Bitcoin, 2TM, is apparently being purchased by Coinbase as part of its worldwide acquisition plan. According to Estadao, Brazil’s third-largest newspaper, the purchase of Coinbase is expected to be completed by the end of the month. Throughout 2022, discussions on the purchase have been held.
Mercado Bitcoin is the biggest crypto brokerage in Latin America, and its parent firm, 2TM, became a billion-dollar corporation in 2021, cementing its unicorn status. While 2TM has a market capitalization of $2.2 billion, it has also targeted acquisitions in lusophone nations. For example, in January, CriptoLoja, a Lisbon-based crypto exchange, was purchased by 2TM’s Mercado Bitcoin. Meubank, MB Digital Assets, CriptoLoja, Bitrust, Blockchain Academy, MezaPro, Wuzu, and Portal do Bitcoin are now under the 2TM holding company’s wing.
Worldwide Acquisition Plan
The alleged acquisition of 2TM by Coinbase shows that Coinbase’s worldwide acquisition strategy is gaining momentum. San Francisco-based exchange recently bought blockchain-infrastructure platform Bison Trails after acquiring an Indian AI business to enhance customer service as furious comments from consumers became too much.
There are 31 references to Brazil in the “Where next for crypto in Latin America” study from Coinbase, whereas only 17 mentions are made of Mexico (which has a higher GDP but lots of interest in crypto). With a focus on expanding into Latin America, the world’s second-largest cryptocurrency exchange has actively recruited business development managers and executives in Brazil.
For a country with such a strong interest in crypto, it’s no wonder. According to triple-A, more than 10 million Brazilians possess bitcoin, and Rio de Janeiro will accept crypto for certain taxes in 2023.