Bloomberg Línea — 2TM, the parent company of Mercado Bitcoin, has decided to buy a stake in Criptoloja, a crypto exchange in Portugal, the holding company stated in a note. The deal marks the Brazilian group’s entry into the European market.
According to 2TM, the initial operation will be “OTC like”. Then, the Mercado Bitcoin platform will also be introduced to local retail and institutional investors. The amount of the transaction was not disclosed.
“We will have access to the European market with clear synergies with our presence in Latin America, as we share the same language, recognized brand and cross-selling opportunities for clients. In addition, there are many Brazilians living in Portugal who would love to invest through our platform,” said Roberto Dagnoni, CEO of Grupo 2TM.
Last year, the Portuguese central bank granted Criptoloja the first license to operate as a crypto exchange in the country. The transaction is subject to approval by the regulator.
For Dagnoni, in addition to the operation in Portugal, the deal puts 2TM on the path of an emerging fintech and blockchain ecosystem in Europe. This is because Portugal is deemed one of the most active countries in the crypto and tech industries in Europe.
“The crypto business is global and our Series A and B rounds have given us the strength to participate intensively in this market. Portugal is a strategic market because, in addition to requiring a specific license and having growing importance in the crypto landscape, it is a path to the European market,” said Dagnoni.
--This story was translated by Bianca Carlos, localization specialist at Bloomberg Línea
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