Coinbase drops M&A talks to acquire Brazilian crypto brokerage 2TM – Bloomberg

Cryptocurrency exchange Coinbase Global Inc. dropped talks to acquire Brazilian cryptocurrency brokerage 2TM Participações SA, Bloomberg News reported, citing people familiar with the matter.

The scrapped negotiations, for which 2TM tapped JPMorgan Chase & Co. as adviser, could have given Coinbase a controlling or a minority stake in the Brazilian firm, according to the report.

2TM declined to comment about the deal, Bloomberg said.

Coinbase is "committed to the Brazilian market," the news outlet reported, citing a statement from a company spokesperson. The company recently hired Fábio Tonetto Plein, a former executive at Uber Technologies Inc. and Brazil's PicPay Serviços Ltda., as a country director for Brazil, according to the report.

Meanwhile, Coinbase is also reportedly in talks to buy Turkish counterpart BTCTurk.