Estonia-based cryptocurrency exchange Gleec BTC has announced that it has entered the Brazilian market by purchasing assets from local trading platform Blockctane.
Estonia’s crypto exchange enters the Brazilian market!
In a statement shared on December 20, Glee BTC stated that the deal is aimed at capitalizing on the growing Brazilian crypto market where Blocktane is emerging as an established asset.
As part of the deal, Glee BTC will merge the acquired assets with itself, as well as legal entities, brand name, online properties, data, BKT token offering, treasury inventory and former local government.
“We are pleased to partner with Gleec to bring its tools and products to Blocktane users in Brazil and give them their first entry into this local market,” said John Willock, former Chairman of Blocktane.
Expansion plans in the Brazilian market
With the acquisition of Blockctane, Glee BTC is set to launch its services in Brazil in the coming weeks, with plans to support the country’s local currency.
At this time, it remains to be determined whether Glee BTC has announced its other services, including mobile payments app Gleec Pay and digital point-of-sale service Gleec SV for businesses that accept cryptocurrencies.
Bloctane, which also had a presence in South America prior to the acquisition, announced that it had reached 100x user growth in 12 months as of July 2022. The growth comes after the launch of its native token, Blocktanium (BKT), which offers rewards. (Fees discounts and other benefits in the Blocktane ecosystem)
Notably, the Brazilian market hosts a strong cryptocurrency scene dominated mainly by the younger generation. The government aims to support the industry by laying the foundation for a regulatory framework. As part of the latest regulatory development, Brazil is preparing to legalize crypto payments next year.
Some of the crypto growth in Brazil has seen businesses accepting digital asset payments. It is estimated that over 900 Brazilian businesses currently accept crypto payments such as Bitcoin (BTC) and Ethereum (ETH).