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As per reports, Coinbase said close to a deal to acquire the owner of Brazil's largest crypto exchange

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According to the local newspaper Estado, an agreement could be unveiled by the end of April.

The Estado newspaper reported on Sunday that cryptocurrency exchange Coinbase Global (COIN) seems to be trying to buy 2TM, the owner of Mercado Bitcoin, Brazil's largest crypto exchange.

Discussions between Coinbase and 2TM have been ongoing since last year, as per the report, which did not name sources, and a deal could be revealed in late April.

According to the firm, Mercado Bitcoin had 3.2 million customers in 2021, up from 1.1 million the previous year, and its trading volume had increased to $7.1 billion.

2TM acquired $200 million in a Series B fundraising round in June, backed by another $50 million in November, valuing the firm at $2.1 billion.

Global exchanges including Coinbase, Binance, and shifted their focus to Brazil during a crypto adoption spike that tripled stablecoin trading in 2021 over the last year.

Coinbase revealed the development of an engineering hub in Brazil in November 2020, and also the opening of other opportunities to expand its workforce there.

During a visit to Sao Paulo on March 16, Binance CEO Changpeng Zhao stated that the company aims to acquire banks and payment processors in Brazil.

The company also inked a Memorandum of Understanding (MoU) to buy Brazilian securities brokerage Sim;paul Investimentos in the same month.

2TM CEO Roberto Dagnoni said that the company intends to boost its presence in Latin America through purchases in Argentina, Chile, Colombia, and Mexico. CriptoLoja, Portugal's first legal crypto exchange, was bought by the company in January.

2TM is the parent company of Meubank, MB Digital Assets, Bitrust, Blockchain Academy, and MezaPro, in addition to Mercado Bitcoin.

Coinbase reportedly selected Mexican crypto exchange Bitso as a target for purchase, according to Estado, but no transaction was finalized, the newspaper reported.

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