Coinbase could soon be saying ‘E aí Bitcoin’ in Brazil; Details


Bitcoin [BTC] and cryptocurrencies, in general, are universal currencies. Unlike other fiat currencies, crypto is borderless. Banking on this, crypto platforms have been venturing into different markets across the globe. Coinbase already has a stronghold over the US. However now, the crypto platform was eyeing expansion. This time Coinbase was looking into Latin America.

A recent report shed light on the fact that Coinbase would soon be acquiring 2TM one of Brazil’s largest crypto unicorns. 2TM is popular for owning Mercado Bitcoin, Brazil’s biggest crypto exchange. Not only will this acquisition allow Coinbase to make headway in Brazil but also in other Latin American regions.

While the details pertaining to the acquisition deal is still under wraps, Coinbase is expected to be sealed sometime during April.

Is Latin America the new Asia?

Several platforms deviated towards Asia at the start of the crypto revolution. The Asian market served as a crossroads for crypto platforms from all over the world. Now, it seems like Latin America was the top choice of crypto firms. An array of prominent crypto exchanges like Binance, Crypto.com, and now Coinbase are reportedly diving into Brazil.

Apart from 2TM, Coinbase was also hoping to acquire Mexican exchange Bitso as well. However, this deal did not make the cut.

Coinbase: The Big Rebel

The European Union has been pushing to make the Transfer of Funds regulation a thing. However, crypto exchanges seemed to be opposing this. This regulation meddles with the ethos of the crypto industry. If the regulation is passed exchanges like Coinbase would have to endure increased surveillance from the government.

Further opposing the EU’s potential amendment, Coinbase formulated an entire blog post urging the community to protest it.

If in case the regulation is adopted,

“This revision would unleash an entire surveillance regime on exchanges like Coinbase, stifle innovation, and undermine the self-hosted wallets that individuals use to securely protect their digital assets.”

With the vote on the Parliament’s draft proposal inching closer, the crypto exchange asked the community to speak up.