Mercado Bitcoin operator acquires Portuguese crypto exchange

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

The firm formally introduced 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 growth into Europe with over-the-counter exchange companies. The firm additionally plans to supply the companies of Mercado Bitcoin to retail and institutional buyers in Portugal.

“We will access the European market using the clear synergies with our presence in Latin America, as we share the same language, a recognized brand, and cross-sell opportunities for customers. There are many Brazilians living in Portugal who would love to invest through 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, during which 2TM raised over $250 million from buyers just like the Japanese monetary large SoftBank, bringing its valuation to greater than $2 billion by November.

“Crypto is a global business. Portugal is a strategic market for us because it requires a specific license, is becoming an important hub for crypto in Europe and opens a gateway into the larger 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 growth in Europe. “Cryptocurrencies are still an emerging topic in the country. All the virtual assets such as Bitcoin and Ether are generating a revolution and considerable demand,” Borges said.

Portugal has been hailed as a crypto-friendly jurisdiction as its authorities have pushed for technological free zones for fintech improvement 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.