2TM, the holding company that controls the Mercado Bitcoin, is buying a majority stake in Criptoloja, a Portuguese digital asset exchange. Thus, it begins its international expansion in Europe. After receiving contributions and becoming a unicorn, the company was already saying that it would expand on this continent and in Latin America. Criptoloja started operating recently, in July 2021, after receiving the first license of its kind in the country.
According to a statement from 2TM, the operation is subject to the approval of this regulatory body. “Portugal is a strategic market because in addition to requiring a specific license and having growing importance in the crypto landscape, it shows a path to the European market. In addition to financial capacity, our investors brought the technological excellence necessary to compete globally”, says Roberto Dagnoni, CEO of Grupo 2TM.
On its website, Criptoloja says that it offers “hundreds” of cryptocurrencies to customers. But, there are no numbers on how many transactions it has brokered. The company’s founders are LuĂs Gomes and Pedro Borges, who will continue to lead the business. Both came from the financial market.
Gomes has 15 years of experience in investment banking, private equity and management consulting. In 2008, he founded he was CEO of Activotrade Valores, an online brokerage based in Barcelona. Borges was the first CEO of Saxo Bank in Brazil and has experience with startups, including the GoBulling brand at Banco Carregosa. He has been working in blockchain and cryptocurrencies since 2014, creating and leading projects such as ICO SOFA and AprendiSobreBitcoin.com in this area.
The holding company intends to start its expansion in Europe with an “OTC like” (over-the-counter market) operation and, in a second moment, taking the complete Bitcoin Market platform also to retail and institutional investors. “We will have access to the European market with clear synergies with our presence in Latin America, as we share the same language, recognized brand and cross-sell opportunities for clients. In addition, there are many Brazilians living in Portugal who would love to invest through our platform,” said Dagnoni.
LuĂs Gomes and Pedro Borges, founders of Criptoloja, continue to lead the business and will lead the expansion of 2TM on the continent. “There is no doubt that being with a company invested in by SoftBank, or with funds such as Tribe and 10T, contributes to building our reputation in Portugal. In addition, there is the company’s expertise in building a strong exchange, the largest in digital assets in all of Latin America, and with a clear mission to transform the sector in the Region. We want to do the same with Portugal and Europe” says Luis Gomes.
2TM sees many advantages in operating in the increasingly regulatory environment of the European Union. “It is a path that we are looking for in Brazil and we understand that it is the way to institutionalize the market. Being in Portugal is an important competitive advantage for large B2B clients and OTC operations”, explains the executive. He also says that this move establishes the holding company’s presence in an emerging fintech and blockchain ecosystem in Europe, since Portugal is considered one of the most crypto-friendly countries on that continent.
Pedro Borges explains that the crypto ecosystem is flourishing in Portugal. “In the country, cryptocurrencies are still an embryonic topic but with immense potential. Virtual assets are based on blockchain technology, absolutely disruptive that will have exponential demand and use. We want Criptoloja and our platforms to be the place to go whenever someone, individual or company, thinks about transacting, investing, trading or simply exchanging ideas about cryptocurrencies.
*Updated report.