Coinbase Said To Be In Talks To Buy Brazil's Biggest Crypto Exchange

Major cryptocurrency exchange Coinbase Global Inc COIN is reportedly in talks to acquire 2TM, the parent company of Brazil’s largest crypto exchange Mercado Bitcoin.

What Happened: According to a report from local publication Estadão, Coinbase is expected to close the deal sometime in April.

Mercado Bitcoin has a trading volume of over $7 billion and a user base of 3.2 million customers, reported CoinDesk.

Last year, the crypto exchange’s parent company raised $200 million in Series B funding from the SoftBank Latin America Fund. The round saw 2TM valued at $2.1 billion, making it one of the top 10 unicorns in Latin America.

Why It Matters: Coinbase isn’t the only cryptocurrency exchange that has set its sights on Brazil’s cryptocurrency market. Binance, the world’s largest crypto exchange, has signed a memorandum of understanding to acquire Brazilian securities brokerage Sim;paul Investimentos.

Binance CEO Changpeng Zhao (CZ) told attendees of an Ethereum ETH/USD community event in Rio de Janeiro that the company plans to strengthen its team in Brazil. 

On Monday, the city of Rio de Janeiro said it would officially accept Bitcoin BTC/USD for real estate taxes after new cryptocurrency laws come into effect in 2023.

In January, Meta Platforms Inc META filed a trademark registration with the Brazilian National Institute of Industrial Property (INPI) for cryptocurrency products and services.

See Also: Bitcoin Could Become Currency In Brazil Soon, But With Strict Regulation 

Price Action: As per data from Benzinga Pro, Bitcoin was trading at $46,800 early on Monday morning, gaining 4.80% in the last 24 hours.