Coinbase Reportedly Close to Buying Brazil’s Largest Crypto Exchange

Coinbase is reportedly close to finalizing a deal that would see it acquire Brazil’s largest cryptocurrency exchange following year-long negotiations.

• According to a local newspaper that didn’t disclose its sources, the leading US-based cryptocurrency exchange – Coinbase – is close to acquiring 2TM.
• The latter is a holding that controls the largest crypto brokerage in Latin America – Mercado Bitcoin.
• Per the report, the talks began last year and were part of Coinbase’s overall push to expand its operations. At the time of this writing, officials from both companies haven’t commented on the news.
• Interestingly enough, the city of Rio De Janeiro – the country’s third-most populous state, was reported to accept cryptocurrency payments for taxes.
• Commenting on the matter was the CEO of Coinbase rival – the world’s leading exchange – Binance, Changpeng Zhao, who said:

Nine days ago, I made a handshake deal with mayor Eduardo Paes. Rio De Janeiro will accept crypto for tax payments and Binance will open an office in Rio. He’s done his part. We are working on ours.