Brazilian 2TM Group, operator of Mercado Bitcoin in Latin America, is expanding its global reach with a strategic acquisition in Portugal.
Officially, the company announced Wednesday that it had acquired a controlling stake at CriptoLoja (a Lisbon-based crypto exchange licensed under the Portuguese central bank).
The new agreement is subject to Banco de Portugal approval. It will allow 2TM to expand into Europe using over-the-counter currency exchange services. The company plans to also offer the services of Mercado bitcoin to institutional and retail investors in Portugal.
“We will be able to access the European market through the clear synergies we have with our Latin American presence, since we share the same language and a well-known brand. This will allow us to offer cross-sell opportunities for our customers. Roberto Dagnoni, CEO of 2TM, stated that there are many Brazilians in Portugal who would love the opportunity to invest through our platform.
Dagnoni stated that the acquisition was possible due to several funding rounds in 2021. 2TM raised more than $250 million from investors such as SoftBank in Japan, increasing its value to over $2 billion by November.
“Crypto can be a global business. Portugal is strategic for us as it requires a special license. It is also becoming an important hub in Europe for crypto and opens a portal into the larger European markets,” Dagnoni stated.
Related: Tribal Credit raises $42M in a ‘hybrid” debt round, funded with dollars and stablecoins
The announcement states that CriptoLoja founders Luis Gomes (left) and Pedro Borges (right), will continue to co-head the business, while helping 2TM expand in Europe. Cryptocurrencies remain a hot topic in the country. Borges said that all virtual assets like Bitcoin and Ether are creating a revolution and significant demand.
Portugal is hailed as a crypto friendly jurisdiction because its authorities have made it possible to create technologically free zones in order for fintech innovation and development. Three crypto exchanges were licensed by the Portuguese central bank last year: CriptoLoja and Luso Digital Assets. Mind The Coin was also licensed.