With the Federal Senate of Brazil passing a bill that legalizes the use of cryptocurrencies as a payment method within the country, Gleec BTC Exchange has acquired Brazilian crypto exchange Blocktane as it seeks to grow its footprint in the country’s fast-growing crypto market.
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After establishing its presence in El Salvador, cryptocurrency platform Gleec BTC Exchange’s decision to expand its presence in the Brazilian market follows the enactment of Bill No. 4401, which clarifies the use of crypto payments in the country.
Once approved, the forthcoming legislation will provide opportunities for first-movers like Gleec to expand their market share in the lucrative Brazilian crypto market, which is estimated to host over 10 million crypto users, amounting to nearly 5% of the country’s population.
Although the bill does not define crypto as legal tender, it characterizes cryptocurrencies like Bitcoin (BTC-USD) as payment methods. The bill now sits on the Brazilian President’s desk for approval. Once signed, new laws regulating cryptocurrencies and digital assets as payments will come into force within six months.
Blocktane Has Experienced Significant Growth
Founded in 2020, Blocktane is a notable player in both the Brazilian crypto ecosystem and South America, having achieved 100-fold annual user growth through the end of June. After obtaining Blocktane’s legal entity, brand name, and online domains, Gleec BTC Exchange will now assert control over Blocktane’s native token, $BKT, and its treasury inventory while retaining the platform’s former management team.
John Willock, the former Executive Chairman of Blocktane, notes, “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.”
The latest acquisition dovetails Gleec’s regional growth plans, with services to begin operating in Brazil in a matter of weeks. Moreover, it will pave the way for the platform’s other services, including the popular P2E games Gleec Racing and Gleec Card, as well as its digital PoS solution Gleec SV, to gain adoption momentum among Brazil’s large crypto user base.
“Brazilians can expect to benefit from greater security and reliability as a result of the country’s decision to legalize crypto and regulate it,” according to a Gleec Holding spokesperson. “We have always wanted to move quickly in markets with established crypto regulatory strategies to ensure users get the best possible services and functionality.”
