Crypto exchange giants Coinbase and Binance could be set to go head-to-head with their expansion plans in Brazil. The former is reportedly eyeing a major M&A deal to buy one of the biggest crypto exchange platforms in the Latin America region, while Binance has confirmed it will open its own Brazilian operations.
Per a tweet from Estadão’s Broadcast service, Coinbase is “expected to announce the purchase of 2TM,” the operator of Mercado Bitcoin “at the end of April,” and the two parties are ready to “complete a deal.”
The media outlet also claimed that Coinbase had been talking to another major local crypto exchange, the Mexican platform Bitso, but had failed to reach a deal.
The media outlet claimed that talks between Coinbase and 2TM began last year.
No evidence was given to back up the claims, and multiple media outlets say Coinbase has not yet responded to the reports. Cryptonews.com has also contacted Coinbase with a request for comment.
Mercado Bitcoin is currently working with the Brazilian Central Bank on the latter’s digital currency plans, and only recently – speaking to the same media outlet – spoke about its plans to expand overseas following an investment injection from Japan’s SoftBank. Other investors in the platform include the likes of the e-commerce heavyweight Mercado Libre, which bought shares in 2TM back in January this year.
Binance, meanwhile, has followed up its purchase earlier this month of the Brazilian securities brokerage Sim;paul Investimentos, a company that operates under the purview of the Central Bank and the regulatory Securities and Exchange Commission. Now Binance says it will “open an office” in Rio De Janeiro.
Last week, Rio’s crypto-keen major Eduardo da Costa Paes announced plans to allow residents of the city to pay their local taxes in crypto.
In a Twitter post, the Binance Founder and CEO Changpeng “CZ” Zhao, who included a picture of himself with the mayor, stated that Paes had “done his part” in a “handshake deal,” by ensuring Rio residents could use “crypto for tax payments,” and that Binance was now “working on” its part of the deal – opening a Brazilian branch in the city.
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