Softbank-backed Brazilian company 2TM, which runs Latin America's largest cryptocurrency exchange Mercado Bitcoin, said on Wednesday it will acquire a controlling stake in Lisbon-based crypto exchange CriptoLoja.
The Brazilian firm, valued at roughly $2.2 billion, declined to disclose the terms of the acquisition, but said the transaction is pending approval with Banco de Portugal, the nation's central bank.
The Brazilian holding company will start its expansion into Europe with an over-the-counter operation. As a second phase, it intends to take the entire MercadoBitcoin.com platform to retail and institutional investors. Borges said in the statement that the crypto ecosystem is flourishing in Portugal, but it is still an emerging topic in the country.