The Gleec BTC Exchange plans to expand to Brazil. For this, they acquired the local crypto exchange Blocktane.
Crypto in Brazil
Blocktane’s legal entity, brand name and online domains will be acquired. In addition, Gleec BTC Exchange will take control of Blocktane’s native token BKT and its treasury inventory, while Blocktane’s former management team comes on board.
That Gleec does this now is not entirely surprising. Brazil recently passed a new law, with law number 4.401, that will allow the use of crypto as a means of payment throughout the country. Only the president reportedly still has to sign, something that is normally just a formality. Once in effect, this will be a major milestone for crypto in Brazil.
This new law is also expected to play a major role in the expansion of Gleec BTC Exchange in the Brazilian market. In the coming weeks, Blocktane’s services will be launched, but with some adjustments. Former Blocktane executive chairman John Willock had this to say about the developments:
We are excited to partner with Gleec to bring their tool and products to Blocktane’s users in Brazil and their first entry into that domestic market.
Access to various Gleec products
In addition to crypto exchange services, Gleec BTC Exchange will also provide access to its pre-existing crypto products, including Gleec’s crypto visa card and a popular Play-to-Earn video game Gleec Racing. The exchange also features a digital point of sale tool known as Gleec SV, which is currently offered on the El-Salvador crypto market.
Gleec BTC Exchange’s parent company, Gleec Holdings, further said that Brazil’s move to adopt a crypto regulatory framework was the main motivation behind the strategic acquisition. Finally, most importantly, the bill will allow Brazilians to access the crypto market through safe and reliable platforms regulated by the authorities. This, in turn, would boost the entire crypto market.