Leading crypto exchange platform Coinbase is in talks to buy Brazil's largest crypto exchange and unicorn Mercado Bitcoin owner 2TM. Brazilian news media platform Estadão reported on March 27 that the two companies have been holding negotiations from the past year, and they may announce the agreement in late April.
Related: Senate in Brazil Discusses Crypto Regulation Bill
In 2021, the number of customers of Mercado Bitcoin reached 3.2 M, of which 1.1 M joined the platform last year. In July 2021, 2TM attracted $200 M in a Series B funding round, which brought its valuation to $2.2 bln.
Crypto's growing popularity in Brazil caught the attention of companies like Binance, Coinbase, and Crypto.com.
Earlier this month, Binance signed an agreement to buy Brazilian securities brokerage Sim;paul Investimentos. The Chief
Executive Officer of Binance, Changpeng Zhao also announced the company’s intentions to make several acquisitions in Brazil including banks and payment providers.