The Brazilian 2TM crypto giant which is the holding company of Brazil’s Mercado Bitcoin, acquired CriptoLoja exchange for an undisclosed amount of investments as we are reading more in today’s cryptocurrency latest news.
The Brazilian 2TM crypto giant and parent company of Brazil’s largest crypto exchange Mercado Bitcoin, acquired a stake in the Portuguese-based digital asset trading venue CriptoLoja while a year ago it became the first platform in Portugal with an official license as a virtual asset service provider. According to the latest reports by Reuters, the Brazilian organization valued at $2.2 billion, didn’t want to disclose the terms of the deal. It added that the transaction will become an official deal once Banco de Portugal gives a green light, as Chief Executive Officer Roberto Dagnoni commented:
“Portugal is a strategic market for us because it requires a specific license. It is becoming an important hub for crypto in Europe and opens a gateway into the larger European market.”
Initially, 2TM will start a Euro expansion with over-the-counter operations while it plans to also introduce a Mercado Bitcoin platform for the European retail investors. It is worth noting that the aforementioned venue is the biggest in Brazil by market valuation and it reached more than 3 million customers, trading over $6 billion. Despite the transition, Luis Gomes and Pedro Borges which are the founders of Criptoloja will remain co-head of the business and will lead 2TM’s future initiatives of the Old Continent. Apart from Europe, the company is looking to expand across the globe as well with the executive director Daniel Carneiro da Cunha saying:
“We will be looking at other jurisdictions as well to set up proprietary operations and through that be able to gain exposure to regulatory and existing licenses.”
At the end of the year, the holding company of the exchange raised $50 million from the investors and it vowed to use the proceeds to increase the product offerings and to expand its services to other Latin American markets like Mexico, Argentina, Chile, and Colombia. The funding round recieved support from other investors as well like Tribe Capital, 10T Holdings, and more. Before this, back in 2021, 2TM’s Mercado bitcoin recieved a $200 million investment from the Japanese SoftBank Group. Brazil’s biggest asset exchange revealed that it will utilize the funds into expanding the offerings around the globe to scale up operations and to invest in the much-needed infrastructure.