Coinbase Is in Talks to Acquire Brazilian Crypto Exchange Operator 2TM

Coinbase (Nasdaq: COIN) is in talks to acquire 2TM, which is the operator of the top Brazilian crypto trading platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term Mercado Bitcoin, local daily Estadão reported on Sunday.

Though the two exchanges did not reveal anything officially, they have been in negotiations for the deal since last year and are expected to enter into an agreement by the end of April.

The move can be seen as a part of the American crypto exchange’s plan to expand its operations on a global scale. In a letter released in February, the exchange revealed its plans to enhance its base in the Latin American markets and is also expanding its workforce.

A Major Crypto Exchange in the Region

Mercado Bitcoin is one of the largest crypto exchanges in Brazil. It added 1.1 million new users last year, closing the year with 3.2 million users, according to Coindesk. Additionally, the trading volume on the local exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term reached $7.1 billion in 2021.

Apart from the digital asset trading services, the Brazilian platform provides services involving decentralized finance (DeFi) and is involved in the development of a metaverse ecosystem.

Moreover, the crypto exchange parent, 2TM owns several other companies, including Meubank, MB Digital Assets, Bitrust, Blockchain Academy and MezaPro. In addition, the company is planning to expand to Argentina, Chile, Colombia and Mexico through acquisitions.

Additionally, 2TM is backed by deep-pocket venture capital companies. It raised $200 million last June and closed another $50 million funding round in November at a valuation of $2.1 billion.

Coinbase is not the only exchange to focus on its Latin American expansion. Its competitor Binance is also looking to acquire banks and payment processors in the region. It even signed a Memorandum of Understanding (MoU) to acquire Brazilian securities brokerage Sim;paul Investimentos.

Furthermore, the report said that Coinbase’s interest in 2TM came after it failed to acquire Mexican crypto exchange Bitso.