Coinbase is buying Brazil’s largest crypto exchange

Crypto titan Coinbase is buying the Brazilian company 2TM, worth more than $US2.2 billion.

2TM owns Mercado Bitcoin, the country’s largest crypto exchange.

According to US crypto-media outlet Cointelegraph, and Brazilian newspaper Estadão, Coinbase’s acquisition has been in the works for a few months and could be finalised as soon as next month.

Crypto friendly

Brazil is becoming increasingly crypto friendly. 

According to figures published by triple-A, more than 10 million Brazilians own cryptocurrencies, putting it 12th on the list of global crypto adoption.

More than 4% of Brazilians invest in crypto.

Coinbase Global (NASDAQ:COIN) rose 3.5% in premarket trading on a report that it’s in talks to acquire 2TM.