No Comments

Softbank-backed Brazilian crypto firm acquires Portuguese exchange – Reuters

A representation of the virtual cryptocurrency Bitcoin is seen in this picture illustration taken June 14, 2021. REUTERS/Edgar Su/Illustration/File Photo
NEW YORK, Jan 12 (Reuters) – Softbank-backed Brazilian company 2TM, which runs Latin America's largest cryptocurrency exchange Mercado Bitcoin, said on Wednesday it will acquire a controlling stake in Lisbon-based crypto exchange CriptoLoja.
The Brazilian firm, valued at roughly $2.2 billion, declined to disclose the terms of the acquisition, but said the transaction is pending approval with Banco de Portugal, the nation's central bank.
CriptoLoja has been operating since July last year. In June 2021, it received Portugal's first official license as a virtual asset service provider.
"Portugal is a strategic market for us, because it requires a specific license, is becoming an important hub for crypto in Europe and opens a gateway into the larger European market," said Roberto Dagnoni, chief executive officer of 2TM group, in a statement.
The Brazilian holding company will start its expansion into Europe with an over-the-counter (OTC) operation. As a second phase, it intends to take the entire MercadoBitcoin.com platform to retail and institutional investors.
CriptoLoja's founders, Luís Gomes and Pedro Borges, will remain co-heads of the business while also leading 2TM's expansion in Europe, 2TM said.
Borges said in the statement that the crypto ecosystem is flourishing in Portugal, but it is still an emerging topic in the country.
The Portuguese exchange is one of many acquisitions that 2TM is looking to undertake, not only in Europe, but also in Latin America.
"We're looking at several jurisdictions where we can acquire companies that have already existing licenses or have filed for licenses," Daniel Carneiro da Cunha, 2TM's executive director, corporate development told Reuters in an earlier interview.
"We will be looking at other jurisdictions as well to set up proprietary operations and through that be able to gain exposure to regulatory and existing licenses."
The Brazilian firm raised $200 million from Japan's SoftBank Group Corp (9984.T) for Mercado Bitcoin in a financing round over the summer. read more
Our Standards: The Thomson Reuters Trust Principles.
Subscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2021 Reuters. All rights reserved

source

You might also like

More Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.
You need to agree with the terms to proceed

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Menu