Bloomberg: Coinbase refused to buy shares of Brazilian crypto firm 2TM

The sources do not reveal the reasons for the termination of the deal

04.05.2022 - 08:50

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What’s new? US cryptocurrency exchange Coinbase has refused to buy shares of Mercado Bitcoin, a Brazilian cryptocurrency broker from 2TM. This is reported by Bloomberg, citing its own sources.

News on the Bloomberg website

What else is known about the deal? Negotiations between the parties took place with the participation of JPMorgan Chase & Co. Coinbase was planning to acquire a certain stake to enter the Brazilian market. According to Bloomberg reports, Coinbase has decided to back out of the deal. The agency’s sources do not reveal the reasons.

What is known about 2TM? It is the parent company of Brazil’s exchange Mercado Bitcoin. In 2021, the crypto exchange had more than 3 million customers and trading volume reached $7,1 billion. 2TM was valued at $2,2 billion in the latest Series B funding round, led by Japanese holding company SoftBank.

What is known about Coinbase? It is the largest US cryptocurrency exchange, founded in 2012 by Brian Armstrong and Fred Ehrsam. In 2021, Coinbase’s shares began trading on the US stock exchange NASDAQ. The platform became the world’s first public cryptocurrency exchange.

What events happened before? In April 2022, the media reported that Coinbase was in talks to buy Turkish cryptocurrency exchange BtcTurk. According to sources, the deal could be worth $3,2 billion.

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