After raising more than $250 million from companies like SoftBank last year, Brazil’s 2TM Group is expanding into Europe.
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Brazil’s 2TM Group, operator of Latin America’s largest cryptocurrency exchange, Mercado Bitcoin, is moving to expand its global reach with a strategic acquisition in Portugal.
The company officially announced Wednesday its acquisition of a controlling stake in CriptoLoja, a Lisbon-based crypto exchange licensed by the central bank of Portugal.
Subject to Banco de Portugal’s approval, the new agreement is intended to help 2TM begin expanding into Europe with over-the-counter exchange services. The company also plans to offer Mercado Bitcoin services to institutional and retail investors in Portugal.
“We will approach the European market using a clear synergy with our presence in Latin America, as we share the same language, a recognized brand and the opportunity cross-sell to customers. There are a lot of Brazilians living in Portugal who want to invest through our platform,” said 2TM CEO Roberto Dagnoni.
Dagnoni said that a new acquisition was made possible after several large funding rounds in 2021, during which 2TM raised more than $250 million from investors such as Japanese financial giant SoftBank. , raising its valuation to more than $2 billion in November.
“Cryptocurrency is a global business. Portugal is a strategic market for us as it requires a specific license, is becoming an important hub for cryptocurrencies in Europe and opens a gateway to the major European market. more,” noted Dagnoni.
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According to the announcement, the founders of CriptoLoja, Luis Gomes and Pedro Borges, will remain co-heads of sales while supporting the expansion of 2TM in Europe. “Cryptocurrency is still an emerging topic in the country. All virtual assets like Bitcoin and Ether are creating a revolution and significant demand,” said Borges.
Portugal has been hailed as a crypto-friendly country because its authorities have promoted tech-free zones for fintech development and innovation in the country. Last year, Portugal’s central bank licensed three cryptocurrency exchange businesses: CriptoLoja, Luso Digital Property and Head The Coin.