Coinbase Decided Not To Acquire Brazilian Crypto Exchange 2TM

Time Stamp: May 5, 2022 12:05 PM
Source Node: 1294078

Coinbase decided not to acquire the Brazilian crypto exchange 2TM after ending the acquisition talks so let’s read more today in our latest Coinbase news.

2TM Group the holding company of Brazil’s first crypto brokerage Mercado Bitcoin ended its merger and acquisition talks with the crypto exchange Coinbase and cited people familiar with the matter. As per the reports, Coinbase aims to acquire a controlling interest or a minority share in 2TM and the reports show that the buyouts talks started late last year and that the acquisition was close to the final stage. 2TM declined to comment on the matter and the Brazilian company hired Wall Street powerhouses, JPMorgan Chase, to advise on the operation back in March.

A week ago, Coinbase hired Fabio Tonetto Plein as a former Uber executive to lead the company’s affairs in Brazil but Plein was tasked with overseeing the negotiations with 2TM. It is uncertain why the talks ended without the deal or whether the companies can return to the table in the future. Coinbase decided not to acquire 2TM after the latter raised $50 million from the industry investors to increase the expansion to other Latin American regions. After the fundraiser, the company acquired a controlling stake in the CriptoLoja exchange.

2tm

Coinbase whose market cap stood at $27.5 billion and was shopping for mergers and acquisitions which can help it expand its global presence and onboard users to the crypto industry. The company’s CEO Brian Armstrong thinks that the total number of crypto users in the world will reach a billion in the next 10-20 years and Coinbase aims to play the part in making this a reality. Coinbase is also in a discussion with the Turkish exchange BTC Turk for a buyout worth $3.2 billion. The company announced more plans to launch the NFT market to promote the adoption of the NFTs and the platform is now live in Beta so users are allowed to use the Marketplace without having to pay fees for a limited time.

As recently reported, Since its launching, the Coinbase NFT market recorded almost no sales or activity, and the first week was marked by the lackluster performance for the market which is in beta mode with only a few sellers and buyers. During the inaugural week, the platform logged a little over 900 transactions or $300,000 worth of traded crypto.

Time Stamp:

More from DC Forecasts