Brazil’s 2TM, backed by Japan’s Softbank, is acquiring a controlling stake in Lisbon-based crypto exchange CriptoLoja.
2TM runs Mercado Bitcoin, Latin America’s largest cryptocurrency exchange, and is valued at around US$2.2 billion.
It will now hold a stake in CriptoLoja, which has been in operation since July 2021, after receiving Portugal’s first official licence as a virtual asset service provider.
2TM 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 licence, and is becoming an important hub for crypto in Europe, opening a gateway into the larger European market,” commented Roberto Dagnoni, 2TM’s CEO.
2TM will start its expansion into Europe with an over-the-counter operation, and in future aims to bring the entire MercadoBitcoin.com platform to retail and institutional investors, CLBrief reported.