Mercado Bitcoin operator acquires Portuguese crypto trade

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

The corporate formally introduced Wednesday the acquisition of a controlling stake in CriptoLoja, a Lisbon-based crypto trade licensed by the Portuguese central financial institution.

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

“We’ll 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 various Brazilians dwelling in Portugal who would love to speculate by means of our platform,” 2TM CEO Roberto Dagnoni mentioned.

Dagnoni mentioned that the brand new acquisition turned doable after a number of main funding rounds in 2021, by 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 worldwide enterprise. Portugal is a strategic marketplace for us as a result of it requires a particular 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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In keeping with 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 nonetheless an rising subject within the nation. All of the digital belongings corresponding to Bitcoin and Ether are producing a revolution and appreciable demand,” Borges said.

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. Final yr, the central financial institution of Portugal licensed three crypto trade companies: CriptoLoja, Luso Digital Belongings and Thoughts The Coin.