The Brazilian company 2TM declined to disclose the terms of the acquisition, but said the transaction is pending approval from the Bank of Portugal.
Softbank-backed Brazilian company 2TM has announced that it will acquire a controlling stake in Lisbon-based crypto exchange CriptoLoja, according to Reuters.
2TM runs Latin America’s largest cryptocurrency exchange Mercado Bitcoin, and is valued at around $2.2 billion. It will now hold a stake in CriptoLoja, which has been in operation since July last year after receiving Portugal’s first official license as a virtual asset service provider.
The Brazilian company declined to disclose the terms of the acquisition, but said the transaction is pending approval from the Bank of Portugal. “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,” Roberto Dagnoni, CEO of the 2TM group, pointed out in a statement.
2TM will start its expansion into Europe with an over-the-counter (OTC) operation, and in a second phase, it aims to bring the entire MercadoBitcoin.com platform to retail and institutional investors.