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Coinbase will not acquire the Brazilian Crypto Giant 2TM

Coinbase will not acquire the Brazilian Crypto Giant 2TM, Crypto Trading News
The 2TM Group, the holding company of Brazil’s first crypto broker Mercado Bitcoinhas ended its merger and acquisition talks with leading U.S. cryptocurrency exchange Coinbase, Bloomberg reported on Wednesday, citing people familiar with the matter.

Coinbase and 2TM end buyout talks

According to the report, Coinbase intended to acquire a majority stake or a minority stake in 2TM. CryptoPotato reported in March that buyout talks first began late last year and that the potential takeover was nearing final stages.

Although 2TM declined to comment on the matter, the Brazilian company hired Wall Street powerhouse JPMorgan Chase & Co. to advise on the operation back in March.

Last week, Coinbase hired Fábio Tonetto Plein, a former Uber and PicPay executive, to run the company’s operations in Brazil. Plein was assigned to oversee the negotiations with 2TM.

It is still uncertain why the talks ended without an agreement or if both companies would return to a table in the future.

In December, 2TM raised $50 million from industry investors to boost its expansion into other Latin American regions. Following the fundraiser, the company reportedly acquired a majority stake in Portugal-based digital asset exchange CriptoLoja.

Coinbase aims for global expansion

Coinbase, whose market capitalization Close to $27.5 billion on Wednesday, has been looking for mergers and acquisitions that would help it expand its global footprint and bring more users into the crypto industry.

The company’s CEO, Brian Armstrong, believes that the total number of crypto users in the world will reach one billion in the next 10 to 20 years, and Coinbase intends to do its part to make that a reality.

Last month, CryptoPotato reported that Coinbase is also in talks with Turkish crypto exchange BtcTurk for a potential $3.2 billion acquisition.

In March, the company announced plans to launch its NFTmarketplace to encourage the launch of non-fungible tokens. The platform is currently in beta and users are allowed to use the marketplace for a “limited time” without paying transaction fees.

Source: Crypto News Deutsch

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