Brazil’s 2TM Group, operator of Latin America’s largest cryptocurrency exchange Mercado Bitcoin, is expanding its global presence with a strategic acquisition in Portugal.

company official Announce Acquired a controlling stake in Lisbon-based cryptocurrency exchange CriptoLoja on Wednesday licensed By the Central Bank of Portugal.

Pending approval from the Bank of Portugal, the new deal is intended to help 2TM begin its European expansion through an over-the-counter trading service. The company also plans to offer Mercado bitcoin services to retail and institutional investors in Portugal.

“We will take advantage of the clear synergies with our operations in Latin America to enter the European market, as we share the same language, a recognized brand, and provide customers with cross-selling opportunities. There are many Brazilians living in Portugal willing to use our platform,” said 2TM CEO Roberto Dagnoni.

Dagnoni said the new acquisitions will be possible after several major funding rounds in 2021, with 2TM from Investors such as Japanese financial giant SoftBank, bringing its Valuation in excess of $2 billion until November.

“Cryptocurrency is a global business. Portugal is a strategic market for us as it requires specific licenses and is becoming an important hub for cryptocurrencies in Europe and opens the door to a larger European market,” Dagnoni noted. .

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According to the announcement, CriptoLoja founders Luis Gomes and Pedro Borges will continue to serve as co-heads of the business while assisting 2TM’s expansion in Europe. “Cryptocurrencies are still an emerging topic in the country. All virtual assets like bitcoin and ether are sparking a revolution and huge demand,” Borges said.

Portugal hailed as a crypto-friendly jurisdiction due to its authorities Promote technology free zones For FinTech development and innovation in the country.Last year, the Bank of Portugal licensed Three crypto exchange businesses: CriptoLoja, Luso Digital Assets and Mind The Coin.