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Gleec has also dived into El Salvador, the country that was ranked as the first in the world to legalize Bitcoin back in September 2021.
Estonia’s crypto trading platform Gleec BTC Exchange has announced its acquisition of Blocktane, a Brazilian digital currency exchange as it makes strategic plans to deepen its push into the Latin American market. According to a Press Release shared with Coinspeaker, Gleec BTC Exchange’s acquisition of Blocktane involves the trading firm’s legal entity, brand name, and online domains.
The deal will also see the management of the trading platform stay on but under the leadership of Gleec in order to bring the parent firm’s ideologies to life in Brazil and the environs. The Blocktane platform was founded in 2020 as a direct and easy avenue for users to buy cryptocurrencies in a regulated way.
While the platform has temporarily ceased operations, it has grown to become one of the trusted venues for crypto trading, amassing a good market share that Gleec is hoping it will build on. Besides the primary aspects of Blocktane’s operations that will now be under the control of Gleec, the company’s native token BKT as well as its treasury inventory will also be directly handled by the new acquiring firm.
“We are pleased to partner with Gleec to bring their tool and products to Blocktane’s users in Brazil, and their first entry into that domestic market,” said John Willock, former Executive Chairman of Blocktane.
Gleec Purchased Blocktane to Ride the Brazil Crypto Trend
Gleec has a primary expansionary drive to move into new jurisdictions with a penchant for crypto adoption. The exchange’s push into Brazil was born out of the country’s latest disposition toward crypto in which lawmakers have passed the bill to legalize crypto as a means of payment.
The recently passed Bill No. 4,401 came after years of discussion by the lawmakers. In a bid to deepen the influence of the new bill in transforming the payment landscape in Brazil, a new oversight body has been established by the Brazilian Chamber of Deputies to oversee crypto payments in the country.
With the bills already passed by the lawmakers, only the President’s assent is remaining, and once appended, the bill is bound to get implemented within six months.
Brazil remains the most renowned crypto hotspot in the Latin American region over the past year, and the country has seen impressive growth in the past year. It has recorded more users adopting digital currencies including Bitcoin (BTC) and USDT amongst others as shown in tax filings published by the Brazilian Federal Reserve (RFB).
Gleec has also dived into El Salvador, the country that was ranked as the first in the world to legalize Bitcoin back in September 2021. The Gleec presence in El Salvador is through its local subsidiary, Gleec SV. As it looks to push its foothold around the world, Gleec said in a statement that it will reopen the Blocktane platform within the next few weeks.