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<ul><li>Talks between <keyword id="13493919" type="General" weightage="20" keywordseo="2TM" source="Orion">2TM</keyword> and <keyword id="1972612" type="General" weightage="100" keywordseo="coinbase" source="Orion">Coinbase</keyword> have reportedly piqued <keyword id="6359140" type="General" weightage="80" keywordseo="binance" source="Orion">Binance</keyword>’s interest in the region as well. </li><li>2TM is already valued at $2.2 billion and is said to be the largest crypto exchange in the Latin American region. </li><li>2TM itself has acquired a host of other crypto exchanges in the region.</li></ul>American crypto exchange Coinbase is extending its global acquisition strategy to <keyword id="6355226" type="General" weightage="20" keywordseo="brazil" source="Orion">Brazil</keyword>. According to a report by Brazilian daily <a href="https://economia.estadao.com.br/blogs/coluna-do-broad/norte-americana-coinbase-espera-fechar-compra-do-mercado-bitcoin-ate-abril/">Estado</a>, the company is set to acquire a company called 2TM, which is the parent company of <keyword id="13493921" type="General" weightage="50" keywordseo="mercado-bitcoin" source="Orion">Mercado Bitcoin</keyword> — said to be the largest crypto exchange in the Latin American region. Coinbase’s acquisition of the platform could provide a strong reach in the Latin American and Portuguese-speaking markets. The company, which is reportedly valued at $2.2 billion, had acquired Lisbon-based crypto exchange CriptoLoja in January, along with others. It is also the holding company for other firms like Meubank, MB Digital Assets, Blockchain Academy, MezaPro, Wuzu, and more. Coinbase and Binance are considered to be the two largest crypto exchanges in the world, both in terms of trading and user volumes. Both have also taken steps to expand their footprints to the rest of the world by acquiring and investing in large exchanges elsewhere. The Estado report stated that talks between Coinbase and 2TM have caught Binance’s attention as well, and the Chinese crypto giant is also looking to expand into the Latin American market. Binance’s interest in the region isn’t particularly new either. The company introduced peer-to-peer trading for Brazilian Real (BRL), Argentine Peso (ARS), Colombian Peso (COP), Mexican Peso (MXN), and <keyword id="13493920" type="General" weightage="50" keywordseo="peruvian-sol" source="Orion">Peruvian Sol</keyword> (PEN) back in 2018. “Latin America is one of the most active regions for cryptocurrency trading, and peer-to-peer trading is widely used in the Latin American community,” Changpeng Zhao, the CEO of Binance, <a href="https://www.binance.com/en/blog/all/binance-introduces-peertopeer-trading-to-latin-america-with-integration-of-five-fiat-currencies--421499824684900467">said</a> at the time. “To better serve our users’ large demand for crypto, we are offering an open marketplace with the best P2P trading experience.” <keyword id="6409882" type="General" weightage="50" keywordseo="coinbase-ventures" source="Orion">Coinbase Ventures</keyword>, the investing arm of Coinbase has also <a href="https://www.businessinsider.in/business/startups/news/amid-all-the-bitcoin-hype-another-indian-cryptocurrency-startup-coinswitch-kuber-gets-15-million-in-funding/articleshow/80245564.cms">invested in</a> CoinSwitch Kuber and <a href="https://coindcx.com/">CoinDCX</a>, two of the largest crypto exchanges in India, last year. Binance, on the other hand, had acquired the country’s largest crypto exchange by trading volumes, WazirX, in April 2021. Coinbase also acquired Indian customer support platform Agara in November last year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/asia-is-selling-bitcoin-as-europe-and-us-buy-the-dip-according-to-glassnode-report/articleshow/90513996.cms">Bitcoin investors in Asia are selling, while the EU and US are busy ‘buying the dip’</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/classplus-is-now-valued-at-600-million/articleshow/90514099.cms">Classplus is now among the highest valued edtech startups outside of the unicorn club</a>

Coinbase may reportedly be buying the largest crypto exchange in Latin America

<a href="https://www.businessinsider.com/category/crypto-economy"></a><div type="image" title="wealth management and tech wall street 2030 4x3" height="900" width="1200" msid="92755292" hostid="261"></div><ul class="summary-list"><li>Paxos is a startup that lets other companies offer <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> products and services.</li><li>It has inked deals with <keyword id="11895526" type="UNKNOWN" weightage="60" keywordseo="wall-street" source="Orion">Wall Street</keyword> powerhouses from Bank of America to Mastercard.</li><li>The startup has raised $540 million and is valued at $2.4 billion.</li></ul>Wall Street is finally turning a corner when it comes to crypto — and one startup that's established itself as a critical link between the two worlds is gearing up despite the crypto downturn. Paxos provides <keyword id="11902216" type="UNKNOWN" weightage="60" keywordseo="blockchain" source="Orion">blockchain</keyword> infrastructure for businesses to offer crypto features and services, from tokenization to buying, holding, and selling crypto. It's part of <a href="https://www.businessinsider.com/top-b2b-fintechs-for-crypto-blockchain-web3-defi-infrastructure-2022-3">a new class of fintechs</a> that has emerged to help traditional firms access the new world of infrastructure and offer crypto services to their customers.The startup has raised $540 million to date, is valued at $2.4 billion, and has established relationships with firms like Bank of America, Credit Suisse, and Mastercard."They come to us to be able to use our technology and our regulatory stack as both the technology, but also the licensing to be able to provide those services," Walter Hessert, Paxos' head of strategy, told Insider of its typical client.<div type="image" title="Walter Hessert Paxos" height="300" width="400" msid="92755293" hostid="261"></div>PayPal and its subsidiary Venmo both enable their users to buy, sell, and hold bitcoin and other major cryptocurrencies by leveraging Paxos on the back-end. The same goes for LatAm fintechs <a href="https://paxos.com/2022/04/07/how-mercado-libres-crypto-wallet-reached-1m-users-in-60-days-with-paxos/">Mercado Libre</a> and <a href="https://paxos.com/2022/05/11/nubank-expands-crypto-market-access-to-tens-of-millions-of-users-powered-by-paxos/">Nubank</a>. Paxos' partnerships are similar to that of challenger banks and its back-end banking partners. While you've likely heard of Chime, it's less likely you've come across The Bancorp Bank or Stride Bank. But they're the reason the online-only bank can offer debit cards and checking accounts without a national bank license.Just as neobanks need back-end banking partners that have the necessary regulatory approval and tech to offer financial products, traditional Wall Street firms need to pair up with a crypto partner to offer digital-asset features.<h2>Wall Street eases into crypto</h2>The boss of the nation's largest bank in JPMorgan could be one of the clearest signals of the industry's changing attitude toward digital assets and their underlying tech — and how nuanced it can be. JPMorgan CEO and Chairman Jamie Dimon went from <a href="https://www.businessinsider.com/bitcoin-price-worse-than-tulip-bulbs-2017-9?utm_source=markets&amp;utm_medium=ingest">calling the asset class "a fraud"</a> in 2017 to praising crypto's underlying technology, blockchain, just five years later in his <a href="https://reports.jpmorganchase.com/investor-relations/2021/ar-ceo-letters.htm">2022 annual shareholder letter</a>.Indeed, <keyword id="11895316" type="UNKNOWN" weightage="100" keywordseo="finance" source="Orion">finance</keyword> incumbents, from <a href="https://www.businessinsider.com/crypto-projects-and-plans-at-top-wall-street-banks#goldman-sachs-6">Goldman Sachs</a> to <a href="https://www.businessinsider.com/citi-names-puneet-singhvi-head-of-a-new-crypto-team-2021-11">Citigroup</a>, have begun to embrace the technology in the past year. And global venture funding into blockchain startups increased to $25.2 billion last year — a more than 700% jump between 2020 and 2021 — <a href="https://www.cbinsights.com/research/report/blockchain-trends-2021/">according to CB Insights</a>.Another driver of Wall Street's embrace of crypto is "that this is ultimately just another rail on which these assets can move — and there's a lot of complexities to holding and trading and moving digital assets or tokenizing non-digital assets into digital assets," Hessert added. For instance, Paxos' equities settlement service, used by <a href="https://www.bloomberg.com/news/articles/2021-05-17/bank-of-america-joins-paxos-blockchain-stock-settlement-network">Bank of America</a> and <a href="https://paxos.com/2021/04/06/instinet-and-credit-suisse-conduct-same-day-settlement-of-traded-stocks-in-historic-first-with-paxos-settlement-service/">Credit Suisse</a>, enables faster processing because of its underpinning blockchain technology.Those firms are "leveraging us to be able to turn cash and US stocks into tokenized forms for more transparent and closer to real-time settlement than what's available today," Hessert said. Looking ahead, Paxos is eyeing a bigger piece of the Wall Street pie when it comes to tokenizing assets. In 2019, Paxos expanded into gold-backed tokens with Pax Gold, and that's just the beginning."There's $700 trillion of financial assets in the world and Paxos, our big bet is that over time — it may take 20 years — but that all of those financial assets effectively will be replatformed on the blockchain," Hessert said.Other prime candidates include getting into FX markets via the rise of tokenized fiat currencies, real estate, and digital types of properties, like non-fungible tokens, he added.And while the bear market has put downward pressure on the crypto industry, it's not Paxos' first rodeo. The fintech has been around since 2012 and endured the crypto winter in 2018. The current downturn has seen "ebbs and flows of interest and motivation to integrate these solutions," Hessert said. But the company views the accelerated integration of crypto and blockchain in the last two to three years as offsetting the current pullback, he added."There's definitely a different sentiment in the retail crypto market than there was two months ago," Hessert said, but having Paxos' core product focused on the infrastructure layer between institutions has helped insulate the company somewhat from cryptocurrency trading volatility. "Just because there is a sharp crash in the price of the underlying asset doesn't mean it's any less of an exciting or important technology that's being adopted," Hessert said.

Meet Paxos, the startup behind some of Wall Street's biggest crypto offerings from Bank of America, Mastercard, and PayPal

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Coinbase may reportedly be buying the largest crypto exchange in Latin America

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Meet Paxos, the startup behind some of Wall Street's biggest crypto offerings from Bank of America, Mastercard, and PayPal

Bianca Chan,Carter Johnson

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