Brazilian 2TM Group, the operator of Latin America’s largest cryptocurrency exchange, Mercado Bitcoin, is moving to expand its global footprint with a strategic acquisition in Portugal.
Subject to approval by Banco de Portugal, the new deal intends to help 2TM start its expansion into Europe with over-the-counter exchange services. The company also plans to offer the services of Mercado Bitcoin to retail and institutional investors in Portugal.
“We will access the European market using the clear synergies with our presence in Latin America, as we share the same language, a recognized brand, and cross-sell opportunities for customers. There are many Brazilians living in Portugal who would love to invest through our platform,” 2TM CEO Roberto Dagnoni said.
Dagnoni said that the new acquisition had become possible after several major funding rounds in 2021, in which 2TM raised over $250 million from investors such as the Japanese financial giant SoftBank, bringing its valuation to more than $2 billion by November.
“Crypto is a global business. 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,” Dagnoni noted.
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