US cryptocurrency exchange Coinbase global Inc. is close to acquiring 2TM, a Brazilian holding company that controls Latin America’s largest cryptocurrency exchange Mercado Bitcoin, local newspaper O Estado de S.Paulo reported, without disclosing the source of information.
The acquisition which is expected to complete in April would allow the Brazilian crypto unicorn to expand its operations to Chile, Colombia, Mexico, and Argentina.
The discussions, which began last year, are part of Coinbase’s effort to expand its operations in an increasingly competitive sector that has attracted the attention of its major competitor Binance Holdings Ltd.
According to the report, Binance is also looking for acquisitions in Brazil, where the cryptocurrency market is predicted to reach 120 billion reais ($25.3 billion).
Coinbase would gain the leverage it needs to secure a market-leading position in Latin America thanks to Brazil’s crypto unicorn 2TM.
Last year, 2TM Group raised $200 million in a Series B financing round led by Japan’s SoftBank Group Corp. The funding valued the holding company behind Mercado Bitcoin, Meubank, MB Digital Assets, Bitrust, Blockchain Academy, and MezaPro at around $2.2 billion.
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