Mercado Bitcoin operator acquires Portuguese crypto exchange

Brazilian 2TM Group, the operator of Latin America’s largest cryptocurrency exchange, Mercado Bitcoin, is transferring to broaden its world footprint with a strategic acquisition in Portugal.

The firm formally announced Wednesday the acquisition of a controlling stake in CriptoLoja, a Lisbon-based crypto exchange licensed by the Portuguese central financial institution.

Subject to approval by Banco de Portugal, the brand new deal intends to assist 2TM begin its enlargement into Europe with over-the-counter exchange providers. The firm additionally plans to supply the providers of Mercado Bitcoin to retail and institutional buyers in Portugal.

“We will entry the European market utilizing the clear synergies with our presence in Latin America, as we share the identical language, a acknowledged model, and cross-sell alternatives for patrons. There are many Brazilians residing in Portugal who would love to speculate by means of our platform,” 2TM CEO Roberto Dagnoni mentioned.

Dagnoni mentioned that the brand new acquisition grew to become attainable after a number of main funding rounds in 2021, wherein 2TM raised over $250 million from buyers just like the Japanese monetary big SoftBank, bringing its valuation to greater than $2 billion by November.

“Crypto is a world enterprise. Portugal is a strategic marketplace for us as a result of it requires a selected license, is turning into an necessary hub for crypto in Europe and opens a gateway into the bigger European market,” Dagnoni famous.

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According to the announcement, CriptoLoja founders, Luis Gomes and Pedro Borges, will stay co-heads of the enterprise whereas helping 2TM’s enlargement in Europe. “Cryptocurrencies are nonetheless an rising subject within the nation. All the digital belongings comparable to Bitcoin and Ether are producing a revolution and appreciable demand,” Borges acknowledged.

Portugal has been hailed as a crypto-friendly jurisdiction as its authorities have pushed for technological free zones for fintech growth and innovation within the nation. Last yr, the central financial institution of Portugal licensed three crypto exchange companies: CriptoLoja, Luso Digital Assets and Mind The Coin.