Report came out today that Coinbase (COIN) is currently in talks to acquire 2TMM, owner of Mercado Bitcoin, Brazil’s largest crypto exchange.

Mercado Bitcoin has reached 3.2 million customers in 2021, of which 1.1 million were added last year, with a trading volume of $7.1 billion in 2021.

Why it matters:

This gives Coinbase a very strong position in a market in which they have been struggling to gain traction. Brazil and South America overall is going to be a very important market in future for cyptocurrencies.