2TM Group, the operator of Mercado Bitcoin, Latin America’s largest cryptocurrency exchange, acquired a cryptocurrency exchange in Portugal hereby expanding their worldwide operations .
The firm announced the purchase of a majority ownership in CriptoLoja, a Lisbon-based cryptocurrency exchange approved by the Portuguese central bank, on Wednesday.
The new agreement, which is subject to approval by Banco de Portugal, aims to assist 2TM in launching its over-the-counter exchange services in Europe. Mercado Bitcoin will also be available to individual and institutional investors in Portugal, according to the business.
“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.
According to Dagnoni, the new purchase was made possible by multiple big investment rounds in 2021, in which 2TM raised more than $250 million from investors such as SoftBank, bringing its value 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.
The founders of CriptoLoja, Luis Gomes and Pedro Borges, will remain co-heads of the firm while backing 2TM’s expansion in Europe, according to the release. “Cryptocurrencies are still a new topic in the country,”. “All virtual assets, such as Bitcoin and Ether, are causing a revolution and significant demand,” said Borges.
Portugal has been lauded as a crypto-friendly country, with the country’s government pushing for technical free zones to foster fintech innovation and growth. CriptoLoja, Luso Digital Assets, and Mind The Coin were among three crypto exchanges licensed by Portugal’s central bank last year.
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