The USA based crypto exchange, Coinbase won’t be acquiring Brazil’s biggest cryptocurrency brokerage 2TM according to a report published by Bloomberg.
Earlier, Coinbase was intending to acquire a controlling interest or a minority share in the cryptocurrency brokerage 2TM. Coinbase was attempting to acquire 2TM in order to make its presence in the Latin-American crypto market.
2TM had hired JPMorgan Chase & Co. to assist the negotiations, which may have ended in a controlling acquisition or maybe a minority stake sale. 2TM has refused to comment on anything related to the deal.
Coinbase spokesperson has said that the firm is “committed to the Brazilian market and has the local tech and business leadership in place.” Coinbase has employed a former Uber and PicPay executive Fábio Tonetto Plein as a country director for Brazil. It is also eyeing to increase its local workforce there.
It is unclear why the companies have ended the discussion and also if they will ever be collaborating in the future.
However, if the 2TM deal was successful then it would have helped Coinbase with international expansion, which Coinbase believes will help to gather more active users.
Coinbase is expanding globally and it is taking some noteworthy measures in order to promote people to use cryptocurrency. The firm is making cryptocurrency easy for the people. Just recently, Coinbase acquired a Bitcoin-Backed loan from Goldman Sachs.