Gleec BTC, an Estonian cryptocurrency exchange, will enter the Brazilian market by purchasing Blocktane assets

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Gleec BTC, an Estonian cryptocurrency exchange, has announced its entry into the Brazilian market by acquiring assets from the country’s Blockctane trading platform.

The deal, according to a statement Glee BTC shared with Finbold on December 20, aims to capitalise on the expanding Brazilian cryptocurrency market, where Blocktane has established itself as a major player.

“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.

Plans to expand in the Brazilian market

Following the Blockctane acquisition, Glee BTC will soon begin offering its services in Brazil and has plans to later add support for the local currency.

At this time, it is unclear if Glee BTC will introduce its other services, such as the mobile payment app Gleec Pay and the digital point of sale system Gleec SV for companies that accept cryptocurrencies.

Before the acquisition, Bloctane, which is also present in South America, declared that as of July 2022, it had achieved 100 times user growth in 12 months. The development came after the introduction of Blocktanium (BKT), the ecosystem’s native token that grants rewards, fee reductions, and other advantages.

Notably, there is a vibrant cryptocurrency scene in Brazil that is primarily dominated by younger generations. The establishment of a regulatory framework is part of the government’s strategy to support the industry. Brazil will legalise cryptocurrency payments in 2019 according to the most recent regulatory development.

Businesses accepting payments in digital assets is one aspect of Brazil’s crypto market expansion. Over 900 companies in Brazil are thought to currently accept payments made in cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).

In accordance with the agreement, Glee BTC will also combine its legal entities, brand name, online properties, data, BKT token supply, treasury inventory, and former local management with the acquired assets.

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