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Coinbase Is Preparing To Swoop Brazilian Crypto Exchange

Coinbase Mizuho
Coinbase Mizuho

The largest crypto exchange in the U.S. Coinbase has made a move to acquire 2TM, the operator of Brazil-based trading platform Mercado Bitcoin.

Although nothing official has been revealed by the two exchanges, it’s believed that both firms started negotiating the deal last year. They expect to reach an agreement for the deal before the end of April, according to reports.

Coinbase Seeks Global Expansion

Coinbase has not hidden its plan to expand globally. The crypto exchange went public on Nasdaq last to continue its global expansion plan. Earlier in February this year, Coinbase announced plans to extend its offerings and expand in Latin American markets. It also included the expansion of its workforce in the region.

Mercado Bitcoin Gets A Global Partner

Mercado Bitcoin is one of the biggest cryptocurrency exchanges in Brazil. Last year, the firm had 3.2 million users after adding 1.1 million new users. The local exchange also experienced improved trading volume, hitting $7.1 billion last year.

The trading platform does not only offer digital asset trading services, but it has expanded its offerings. Mercado Bitcoin is currently developing a metaverse ecosystem and offers decentralized finance (DeFi) services as well.

Additionally, its parent company 2TM manages several other firms, including MezaPro, Bitrust, Blockchain Academy, Meubank, and MB Digital Assets. The firm also wants to expand to Mexico, Chile, Colombia, and Argentina via acquisitions.

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2TM has a lot of support from top venture capitalists. In November, it closed a $50 million funding round six months after raising $200 million from investors. The various funding rounds took 2TM’s valuation to $2.1 billion.

More Crypto Exchanges Turn Attention To Latin America

Apart from Coinbase, other exchanges are also interested in the Latin American market. Binance, the world’s largest crypto exchange, is also expanding its presence in the region via the acquisition of banking firms and payment processors.

The brokerage firm recently signed a memorandum of Understanding (MoU) for the acquisition of securities brokerage firm Simpaul Investimentos.

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