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Brazilian crypto company 2TM cuts more than 80 employees

Brazil’s 2TM, a holding company for Mercado Bitcoin, the country’s biggest crypto exchange by market valuation, dismissed more than 80 employees this week. The news was first reported on June 1 by Bloomberg. Some 12 percent of employees were impacted. “The changing global financial landscape, rising interest rates and inflation have been having a major impact on technology-based companies,” 2TM said in a statement, CoinDesk reported. According to their LinkedIn pages, Mercado Bitcoin has more than 580 employees, while 2TM …

Crypto CEOs are courting Brazil’s central bank as legislation moves through National Congress

CEOs from two cryptocurrency exchanges were scheduled to meet with Brazil’s Central Bank president Roberto Campos Neto in the past few days, indicating that talks between industry and the government are ongoing even as the country waits for lawmakers to potentially approve a new crypto regulation law.  As spotted by Brazilian publication Portal do Bitcoin, an official agenda showed a videoconference scheduled between Campos Neto and three Binance executives on Friday afternoon to discuss “institutional matters.” Binance CEO Changpeng Zhao …

Brazilian fintech unicorn Nubank to start offering crypto services

Brazilian fintech company Nubank inked a deal with crypto firm Paxos to start trading crypto. The bank is initially offering bitcoin and ether transactions and will start rolling out the new product in May to reach its entire 50 million customer base by end of July, according to an announcement issued Wednesday. “There is no doubt that crypto is a growing trend in Latin America, one that we have been following closely and believe will have a transformational impact on …

Brazil inches closer to finally regulating cryptocurrencies

Brazil’s Senate passed a bill this week that would regulate the cryptocurrency market in the country, giving new momentum to legislation that has been in the works for years.  The Senate voted to move the bill forward on April 26, which includes input from three other bills that have been making their way through the halls of Brazil’s Congress as lawmakers have sought to keep up with the evolving technology. Well-defined cryptocurrency legislation in Brazil would be significant for a …

Bybit expands into Brazil after Senate backing of cryptocurrency regulation

Quick Take Bybit’s launch in Brazil comes after the Senate passed a bill regulating cryptocurrency transactions. It will offer spot trading, earning products including dual asset investments, and access to its NFT marketplace to in-country customers. Bybit is officially launching in Brazil and setting up a dedicated team to offer cryptocurrency trading and services to those in the country, the company said on Thursday. Bybit, which moved its headquarters to Dubai from Singapore earlier this month, will allow customers to …

Bitso gave away nearly $400,000 to Brazilian soccer fans in QR code game

Bitso gave away 1,840,500 Brazilian reals (about $387,000) to Brazilian soccer fans during a recent match, using QR codes printed on players’ sleeves to initiate a game of tag for viewers at home.  The giveaway was part of a new sports marketing experiment from the Latin America-focused cryptocurrency exchange, which is working to expand its presence in Brazil.  A ‘game within a game’ During a March 10 soccer game between São Paulo Futebol Clube (SPFC) and the Palmeiras, viewers were …

DeFi ETFs take flight in Brazil with two launches this month

Two companies have gone head-to-head in recent weeks to launch the world’s first DeFi exchange-traded funds in Brazil. The first firm to announce a DeFi ETF launch on Brazil’s B3 stock exchange was Hashdex, a crypto asset manager with offices in Menlo Park, California, and Rio de Janeiro. It launched DEFI11 today after notifying the market about the listing on January 19. This ETF “mirrors” the CF DeFi Composite Index, which as of January tracked 12 digital assets spanning across …

Why Celo launched an algorithmic stablecoin pegged to Brazil’s currency

Open-source blockchain Celo recently introduced a Brazilian Real-pegged, algorithmic stablecoin called the Celo Real (cREAL).  Three crypto exchanges in Brazil will provide access to the cREAL stablecoin: FlowBTC, NovaDAX and Ripio. In addition, the wallets Bitfy and Coins will also support the digital asset. Algorithmic stablecoins are designed to hold their peg to a currency automatically, instead of being backed by fiat money.  While Brazil already has a very popular public instant payment system, called Pix, CLabs partner Markus Franke …

Rio de Janeiro mayor plans to invest 1% of the city’s treasury in bitcoin

Eduardo Paes, mayor of Rio de Janeiro, intends to invest 1% of the city’s treasury reserves in bitcoin. Brazil’s top newspaper O Globo reported the news on Thursday, citing Paes’s comments made at the Rio Innovation Week event. Paes was speaking on a panel alongside Miami mayor Francis Suarez and said: “We are going to launch Crypto Rio and invest 1% of the treasury in cryptocurrency.” Paes is also set to establish a working group in that regard, per the …

Mercado Bitcoin parent 2TM to acquire Portuguese exchange CriptoLoja

Brazil-based 2TM Group is expanding into Europe with the acquisition of Lisbon-based exchange CriptoLoja, the company announced on Jan. 12. The acquisition, pending regulatory approval from Portugal’s central bank, will give 2TM a controlling stake in CriptoLoja. 2TM is the parent company of Mercado Bitcoin, which bills itself as the largest crypto exchange in Latin America. In June, CriptoLoja became the first crypto exchange to get a “virtual asset service provider” operating license from Portugal’s central bank, Banco de Portugal. …