Coinbase — which is one of the biggest Cryptocurrency exchange platforms in the world — is most likely to acquire the Brazillian company 2TM.
For the uninformed, 2TM is the parent company of Mercado Bitcoin. The news of Coinbase taking over 2TM was first published in Estadão, which is said to be the third-largest newspaper in Brazil.
According to the information provided by the newspaper, Coinbase and 2TM acquisition could be completed in April. The negotiations between Coinbase and 2TM have been going on since the beginning of 2022.
For the unversed, 2TM, the company behind the success of Mercado Bitcoin cemented its unicorn status as a billion-dollar company in 2021.
Over a period of time, 2TM acquired multiple firms including Meubank, MB Digital Assets, CriptoLoja, Bitrust, Blockchain Academy, MezaPro, Wuzu, Portal do Bitcoin and more.
Apart from acquiring a bunch of firms, 2TM aims to expand its operation in Latin America through acquisitions in Argentina, Chile, Colombia, and Mexico.
According to reports, 2TM managed to raise over $200 million in Series B funding and $50 million in a second closing of the funding in November 2021, taking the firm’s value to $2.1 billion.
The reason why everyone is eyeing Latin America is Brazil’s second-largest city, Rio de Janeiro is most likely to accept Crypto for certain taxes from 2023. Notably, there are more than 10 million Brazilians who own Cryptocurrency.
In November last year, Coinbase not only announced to create an engineering hub but also announced to expand its team in Brazil.
As soon as more details of the Coinbase-2TM acquisition becomes available, we will update this post.