(Rejected) Brazilian Crypto Exchange Mercado Bitcoin to Expand its Operations to Mexico

Brazil's largest cryptocurrency exchange, Mercado Bitcoin, announced that it will expand its operations to Mexico this year, according to a report from Reuters.

CEO Reinaldo Rabelo said it would acquire a Mexico-based cryptocurrency exchange to gain regulatory approval.

No specific details have been revealed at this time, but the exact time may be at some point in 2022.

Earlier in 2022, the 2TM Group also acquired a controlling stake in Lisbon-based crypto exchange CriptoLoja, an acquisition that expanded its ecosystem remarkably, as an important step in its expansion into Portugal.

Mercado Bitcoin has been on a massive growth trajectory with the exchange hitting a 3.2 million milestone in the past year. While the platform added as much as 1.1 million in 2021 alone and the platform’s transaction volume topped $7.1 billion.

Latin America is growing to become a major region of interest amongst prominent trading platforms as there has been a steady growth of digital currency users in the region.

But because of the current macroeconomic situation that is not optimistic, Reinaldo Rabelo said that he will be more cautious about the expansion of the Latin American market.

Shifting operations to Mexico would compete with The Mexico-based cryptocurrency exchange Bitso.

Bitso is a cryptocurrency exchange located in Mexico. It was founded on January 4th, 2014.

The Mexico-based cryptocurrency exchange operates business in Argentina, Brazil, El Salvador, and Colombia With a current customer base of over 3.7 million people spread across Latin America.