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- Brazil’s largest cryptocurrency exchange Mercado’s holding firm has made the mind to launch a Quantitative Trading service.
- 2TM is to partner with a local player Giant Steps who might own a minority stake in the service.
- Coinbase Global is in discussions to take over the crypto exchange holder 2TM.
Mercado Bitcoin is the largest crypto exchange in Brazil by market valuation, and now its holding firm 2TM plans to launch a crypto asset manager aiming at quantitative trading, the company recently confirmed to InfoMoney, a Brazilian financial media outlet.
Collaboration With Giant Steps
2TM is planning to roll out the service in collaboration with Giant Steps, a Brazilian asset manager having $1.49 billion under management and over 100,000 investors. However, the exchange holder highlighted that the asset manager would hold a minority stake in the service.
Giant Steps signifies that although the Brazilian quantitative trading section has witnessed high growth rates in some past years, it accounts for not more than 2% of total fund assets in the South American country.
2TM further owns the equity token platform ClearBook, and the over-the-counter (OTC) trading firm MezaPro apart from the crypto exchange and some other companies.
2TM is the vast ecosystem comprising financial technology companies that focus on transforming the future of the new digital economy.
Additionally, earlier there was news that the significant crypto exchange Coinbase Global is in discussions to acquire the firm 2TM and the deal is anticipated to be closed by April end.
As the crypto industry has grown by leaps and bounds in recent years, several entities have been taking constant moves toward the space. It is to look forward to how this service facilitates the concerned entities. And how the asset class might further emerge in the South American country.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
