Brazilian 2TM Group, operator of the largest cryptocurrency exchange in Latin America Mercado Bitcoin, intends to expand its global presence through a strategic acquisition in Portugal.
On Wednesday, the company officially announced the acquisition of a controlling stake in CriptoLoja, a Lisbon-based cryptocurrency exchange licensed by the Portuguese central bank.
Subject to approval by the Banco de Portugal, the new agreement is intended to help 2TM begin its European expansion through OTC exchange services. The company also plans to offer Mercado Bitcoin services to individual and institutional investors in Portugal.
“We want to enter the European market by using clear synergies with our presence in Latin America, where we speak the same language, enjoy a recognizable brand and cross-selling opportunities for customers. There are many Brazilians living in Portugal who want to invest in 2TM, says Roberto Danioni, CEO of 2TM, through our platform.
Danioni said the new acquisition was made possible after several major rounds of financing in 2021, when 2TM raised more than $ 250 million from investors such as the Japanese financial giant SoftBank, and increased its valuation to over $ 2 billion by November.
“Cryptocurrency is a global business. Portugal is a strategic market for us as it requires special licensing, becomes an important hub for cryptocurrencies in Europe and opens the door to the larger European market.”
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According to the announcement, CriptoLoja founders Luis Gomez and Pedro Borges will continue to be co-leaders in the business, helping 2TM to expand across Europe. Cryptocurrencies are still a new topic in the country. Borges stated that all virtual assets such as Bitcoin and Ether are causing a revolution and great demand. ”
Portugal was recognized as a crypto-friendly jurisdiction, as the authorities pushed for the creation of technology-free zones for the development of financial technology and innovation in the country. Portugal’s central bank licensed three cryptocurrency exchanges last year: CriptoLoja, Luso Digital Assets and Mind The Coin.