Mercado Bitcoin plans to expand into Mexico

Last Updated: 22 July 2022

Brazilian company Mercado Bitcoin wants to open its doors in Mexico this year in order to sell bitcoin there as well. Speaking to Cointelegraph, CEO Reinaldo Rabelo said that Mercado Bitcoin is currently waiting for approval from the authorities to open in Mexico.

Expansion through acquisition

Exactly how Mercado Bitcoin plans to move into Mexico is not clear at the time of writing. In April, Reinaldo Rabelo said that expansion by acquisition is the easiest way to enter new markets.

For example, in January, 2TM Group, Mercado Bitcoin’s parent company, bought a controlling stake in Lisbon-based CriptoLoja as part of its expansion into Portugal.

Interestingly, Coinbase was previously in talks with 2TM about a possible acquisition. At the time, 2TM was still valued at USD 2 billion, but the talks with Coinbase ultimately foundered in May.

Dangerous macroeconomic scenario

Rabelo further indicates that 2TM is currently looking at the Latin American market with a little more caution due to the macroeconomic scenario. At the time of writing, the company operates in Brazil and Portugal through companies such as Mercado Bitcoin, Blockchain Academy, Bitrust, CriptoLoja, and Portal do Bitcoin.

If Mercado Bitcoin makes the move into Mexico, it will compete with Bitso, which is currently the largest in the country and also operates in Argentina, Brazil, El Salvador, and Colombia. What makes Mexico a special bitcoin country is that several politicians have tried to introduce a bitcoin law similar to El Salvador’s.
But without success so far, as no significant steps have been taken by Mexico in that regard since then. In addition, it is in the process of rolling out digital central bank money around 2024.

  • Ivan Brightly

    Ivan Brightly is a leading cryptocurrency analyst and author with over 5 years of experience in the blockchain and digital asset space. He previously served as a senior analyst at a major cryptocurrency hedge fund where he led quantitative research and trading strategy development.

    Ivan holds a Master's degree in Finance from the London School of Economics and a Bachelor's in Computer Science from Stanford University. He is frequently invited to speak at fintech and blockchain conferences worldwide on topics spanning cryptocurrency trading, blockchain technology, and the future of digital assets.

    Ivan's commentary has been featured in several major finance and technology publications including Forbes, Bloomberg, and CoinDesk. He is considered one of the most insightful voices analyzing new developments in the cryptocurrency and blockchain industry.

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