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Brazil’s 2TM Group acquires CriptoLoja as it expands

Brazil

TL;DR Breakdown

  • 2TM intends to extend its wings into Europe.
  • The firm expects to begin with over-the-counter operations as they establish more phases.

Brazil’s 2TM Group, a Softbank-backed Brazilian company, has said that it is getting a substantial stake in CriptoLoja. 2TM did not specify the figures of the acquisition or the stake. At the moment, the deal is yet to be approved by Banco de Portugal, the nation’s central bank. Still, the Brazilian firm, valued at over $2 billion, is hopeful the approval will be smooth.

The development establishes 2TM’s presence in an emerging fintech and blockchain ecosystem in Europe. According to Roberto Dagnoni, CEO of 2TM group, digital assets have gained a lot of fame. He notes that the market is now global. He continued to say that their Series A & B funding rounds have given them their footing to success. 

Dagnoni believes the firm now has more financial opportunities. He adds that the company has superior technology to compete with other firms. Dagnoni notes that Portugal will be a good market and a worthy investment since it requires a specific license crucial for crypto in Europe. The company is hopeful that digital assets will go big in the European market.

The firm that runs Latin America’s largest cryptocurrency exchange Mercado Bitcoin will begin its expansion with an over-the-counter (OTC) operation. Later it will involve all investors in the MercadoBitcoin.com platform.

Dognoni says they will approach the European market using the alliances. He added that several Brazilians living in Portugal would gain through their platform.

EU regulations

2TM is very keen on the EU-regulated environment. The firm holds the standards very high and believes they will make the market thrive. 

Dagnoni says the developments are very significant in Brazil. He notes that the rules are crucial in the institutionalization of the market, adding that sizeable B2B customers and OTC operations will thrive in Portugal. The state is viewed as one of the continent’s most crypto-friendly countries.

CriptoLoja’s founders, Luís Gomes and Pedro Borges will still hold their positions while leading 2TM’s growth. 

Luis Gomes insists that their involvement with a company backed by SoftBank and funds like Tribe and 10T will impact them positively. He notes that their company will gain fame. 

He added that 2TM’s are experts in forming a well-established crypto exchange, the largest in Latin America. They are leaders in transformation and innovation. He insists that Portugal and Europe will gain a lot from the acquisition.

Pedro Borges explains that digital assets are still an emerging market in Portugal, adding that virtual assets generate a revolution and great demand. He says the platform should soon attract individuals or companies that plan to dip into crypto assets.

About 2TM Group and CriptoLoja

The 2TM Group is a Brazilian firm that manages various crypto solutions. The company runs Mercado Bitcoin, Latin America’s largest cryptocurrency exchange. The top exchange had processed over 4.5 billion transactions in the first five months of 2021.

Financial experts established CriptoLoja. Mid-last year, it became the first crypto exchange firm officially approved by the Portuguese central bank. 

Dennis Mugambi

Dennis Mugambi

Dennis is a content writer with a deep understanding of the blockchain domain and cryptocurrency field. He infuses cold data with flair to make technology and finances mind-blowing. His reports both fascinate and awaken the readers.

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