Brazilian Expansion: A Strategic Move into the European Market
In an exciting turn of events, Brazilian 2TM Group, the force behind Latin America’s largest cryptocurrency exchange, Mercado Bitcoin, is making waves across the Atlantic. They’ve just announced the acquisition of a controlling stake in CriptoLoja, a Lisbon-based crypto exchange. This move is bound to spin heads and raise eyebrows as they gear up for a European takeover!
The Deal: What It Means for 2TM and CriptoLoja
As part of this strategic move, the acquisition is awaiting a stamp of approval from Banco de Portugal. If all goes smoothly, 2TM plans to ramp up its operations by providing over-the-counter exchange services to eager European investors. Not to mention, they’re looking to introduce Mercado Bitcoin’s offerings to both retail and institutional investors in Portugal.
CEO’s Vision: Tapping into European Synergies
“We will access the European market using the clear synergies with our presence in Latin America,” said 2TM CEO Roberto Dagnoni. This isn’t just a scoop; it’s a calculated chess move aiming to capture a market that’s ripe for investment opportunities. With a shared language and brand recognition, 2TM could be the game-changer for Brazilian expatriates in Portugal.
Funding and Valuation: The Cash Behind the Moves
What made this acquisition possible? Dagnoni points to the fat stacks raised in several significant funding rounds in 2021, totaling over $250 million from notable investors, including the financial giant SoftBank. This spree boosted 2TM’s valuation to a staggering $2 billion by November, providing the financial muscle necessary for such ambitious expansions.
Portugal’s Crypto Market: A Growing Hub
Today’s cryptocurrency landscape is akin to the Wild West, but Portugal is gradually establishing itself as a beacon of innovation and regulatory clarity. The country is creating a crypto-friendly atmosphere, with its central bank licensing firms like CriptoLoja and Luso Digital Assets. This environment fosters growth and demand for digital assets, positioning Portugal as a strategic hub for crypto ventures.
Words from the Founders
The brains behind CriptoLoja, Luís Gomes and Pedro Borges will remain at the helm while aiding in 2TM’s European expedition. Borges expressed, “Cryptocurrencies are still an emerging topic in the country,” shedding light on the evolution of virtual assets in Portugal and the increasing demand for trading platforms.
Conclusion: The Future Looks Bright for 2TM and CriptoLoja
With its recent acquisition and the promise of exciting developments ahead, 2TM is poised to redefine the European crypto landscape. It will be intriguing to see how they leverage this strategic position to blend Brazilian flair with European innovation!
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