The operator of Mercado Bitcoin, the Brazilian 2TM Group, plans to expand its global presence through a strategic acquisition in Portugal.
Majority stake in CriptoLoja
The company made this official via a post on Business Wire. The operator of Mercado Bitcoin is reportedly getting a majority stake in CriptoLoja. This is a crypto exchange based in Lisbon, Portugal and licensed by the Portuguese Central Bank. The deal has yet to be officially approved.
The deal aims to help 2TM kick-start its expansion into Europe with over-the-counter crypto exchange services. In addition, the company wants to offer the services of Mercado Bitcoin to both private and institutional investors in Portugal. The CEO of 2TM, Robert Dagnoni, said the following:
“We will access the European market by leveraging the clear synergies with our presence in Latin America as we share the same language, a recognized brand and cross-selling opportunities for customers. There are many Brazilians living in Portugal who would like to invest through our platform.”
Crypto is a global company
According to Dagnoni, the new acquisition was made possible through several large-scale financing rounds in 2021. In these financing rounds, 2TM was able to raise more than $250 (€220) million. Dagnoni concluded by commenting:
“Crypto is a global company. Portugal is a strategic market for us as it requires a specific license, becomes an important hub for crypto in Europe and opens a gateway to the larger European market.”
Portugal has often been hailed as a crypto-friendly jurisdiction. Cryptocurrencies are therefore also an emerging topic in the country. Virtually all virtual assets like Bitcoin (BTC) and Ethereum (ETH) generate significant demand in the country. It is not yet known whether this trend will continue or if it will only last for a short time.