Key highlights:
- Blockchain firm Gleec BTC is on the move to enter Latin America shortly after it purchased the Bloctane exchange.
- Gleec BTC will take advantage of a crypto-friendly environment to operate Bloctane following the country’s proposal to legalize crypto payments.
- Latin America records up to 9% of all global crypto transactions, suggesting a big catch for Gleec.
Blockchain infrastructure company, Gleec BTC, in its bid to expand its global reach, announced today that it will be making an official entry into Latin America, one of the world’s fastest-growing cryptocurrency markets.
Gleec BTC Acquires Bloctane, Officially Enters Brazil Market
The announcement came in light of Gleec’s integration with Bloctane, a cryptocurrency trading platform that provides crypto exchange services to domestic markets in Brazil. Gleec had reportedly acquired the rights to the distressing Bloctane’s ecosystem recently after the exchange struggled to survive amid the toxic 2022 crypto winter.
By means of the acquisition, Gleec BTC has become the legal possessor of the exchange’s entity, including its brand, native token BKT, the whole of its staff, and treasury. Hence, this has validated Gleec’s remarkable entry into the Brazilian markets.
John Willock, the former Executive Chairman of Blocktane expressed the team’s delight to partner with Gleec, saying, “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.”
Fortunately, Gleec will have the opportunity to leverage a crypto-friendly environment while taking over the operations of Bloctane. This is because Brazilian authorities have recently proposed to legalize crypto payments in the coming year. With Gleec already having regulatory backups in nine jurisdictions, including Estonia, Poland, Dubai and El Salvador, and others, Brazil will be joining the list, counting up to ten.
A Big Catch For Gleec?
It appears that Gleec’s partnership with Bloctane is beyond mere acquisition and could result in a bigger win than expected for the company, considering its relationship with the Brazilian markets.
According to reports, Brazil has so far emerged as the largest economy in South America. Hence, this has influenced significant trade operations in the nation, causing businesses to expand easily into other markets. Hence, this suggests that the case might be the same for crypto businesses if crypto payments eventually become officially legalized in the country.
Previous reports revealed that Latin America had seen crypto transactions grow by 40% between July 2021 and June 2022. With this amounting to $562 billion, the crypto market had apparently recorded over 9% of all crypto transactions made all over the world. As such, it is correct to say that there is a big potential for Gleec to successfully operate its business in the region.
Considering the massive opportunities poised for the blockchain firm following its latest development, Gleec has been placed in a perfect spot where it can have its arms wrapped over a significant portion of the domestic market by the time Brazil’s crypto legalization is passed.
With this in view, Gleec has expressed hopes to commence its operations in Brazil within the next few weeks.
Gleec’s native digital asset GLEEC saw modest positive price activity in the last 24 hours, trading at $0.0718 (up +1.36%) at the time of writing.
