The acquisition of 2TM by U.S. cryptocurrency exchange Coinbase Global Inc, a Brazilian holding that owns Latin America’s largest crypto brokerage Mercado Bitcoin, is expected to be completed by April 31, local newspaper O Estado de S.Paulo reported. It did not reveal how it got the information.
These talks were initiated last year as part of Coinbase’s efforts to expand operations in a highly competitive market. They also caught the attention of Binance Holdings Ltd. Coinbase did not immediately respond to the report.
Binance is also looking for acquisitions in Brazil according to the newspaper. The country’s cryptocurrency market is estimated to be 120 billion reais ($25.3 million).
Coinbase would have the leverage to be able to compete in Latin America with Brazil’s crypto unicorn 2TM. In the most recent Series B financing round, Japan’s SoftBank Group Corp valued the holding behind Mercado Bitcoin and Meubank, MB Digital Assets and Bitrust at approximately $2.2 billion.
2TM, which already bought several Brazilian companies, will now be able to accelerate Latin American growth by expanding into Chile and Colombia as well as Mexico, Argentina, and Mexico.
