Hassan Maishera
After buying the rights to Blocktane cryptocurrency exchange, Gleec BTC Exchange says it’s poised to enter the Brazilian market at just the right time.
Gleec BTC Exchange said it will officially enter what is becoming one of the fastest-growing cryptocurrency markets in the world following its acquisition of Blocktane, an exchange platform that began operations in early 2020. Blocktane, which provided crypto exchange services to Brazil’s domestic market, would ultimately cease operations during the harsh crypto winter that emerged earlier this year. With the acquisition, Gleec BTC Exchange gains the rights to Blocktane’s legal entity, including the Blocktane brand, its native token BKT, its treasury and its employee base.
Gleec Holding, the company that operates Gleec BTC Exchange, said the acquisition is timely because Brazil has recently passed legislation that will legalize crypto payments throughout the country when it comes into force next year. Gleec looks very well positioned to take advantage of Brazil's crypto-friendly environment, given that it has already secured regulatory approval in nine jurisdictions thus far, including Estonia, Poland, Dubai and El Salvador, among others. The implication being that Brazil could soon be added to the list.
Brazil is already a big market for crypto. With a population of more than 200 million, it ranks in the top five countries in the world in terms of crypto investors. Over 10 million Brazilians are said to own crypto assets, putting the country behind just India, the U.S., Russia and Nigeria.
“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.
Crypto has big potential in Brazil, which is by far the largest economy in South America, with strong trade connections throughout the region that make it easy for businesses to expand into other markets. Brazil is also noted for its younger demographic structure, which further underscores the potential for crypto. Younger people are known to be more open to the idea of using cryptocurrencies than older generations, and willing to embrace modern financial technology solutions. That explains why Latin America saw crypto transactions grow by 40% between July 2021 and June 2022, to $562 billion, accounting for more than 9% of all global crypto transactions.
Gleec BTC Exchange said it hopes to be up and running in Brazil within the next few weeks, putting it in a strong position to capture a significant slice of the domestic market by the time its new crypto legislation comes into force.
