This article is part of CoinDesk Brasil, a partnership between CoinDesk and InfoMoney, one of Brazil's leading financial news publications. Follow CoinDesk Brasil on Twitter.
2TM, the holding company for Mercado Bitcoin, Brazil's largest crypto exchange by market valuation, plans to launch a crypto asset manager focused on quantitative trading, the company confirmed to Brazilian financial media outlet InfoMoney on Thursday.
- 2TM expects to launch the service in partnership with Giant Steps, a Brazilian asset manager with $1.49 billion under management and more than 100,000 investors. Giant Steps would hold a minority stake of the service, 2TM said.
- According to Giant Steps, although the Brazilian quantitative trading segment has experienced “high growth rates” in recent years, it represents no more than 2% of total fund assets in the South American country.
- In addition to Mercado Bitcoin, 2TM owns the over-the-counter (OTC) trading firm MezaPro and the equity token platform ClearBook, among other companies.
- Cryptocurrency exchange Coinbase Global (COIN) is in talks to acquire 2TM, in a transaction that could be closed by the end of April.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.