Estonia-based cryptocurrency exchange Gleec BTC is set to increase its presence in Latin America, having entered the lucrative market by taking over the operations assets of Brazilian platform Blocktane.
For a short period of time, Blocktane was a leading cryptocurrency exchange with a substantial presence in Brazil and South America. More recently, it introduced Blocktanium (BKT), its platform token that provides rewards, fee discounts, and other benefits within the Blocktane ecosystem.
Gleec BTC Exchange has acquired the entire portfolio of Blocktane assets, becoming the owner of the exchange which has been active in the Brazilian domestic market since 2020. With this buyout, Gleec BTC now controls the Blocktane brand and its native token BKT. As part of the deal, Blocktane’s current management will remain to work with the new owner and oversee its new operations in the country.
Gleec BTC Exchange, which bills itself as the first blockchain-powered digital ecosystem, has operated under entities regulated by several financial regulators, including Dubai, Estonia, Poland and El Salvador, among other jurisdictions. The platform supports a network of interconnected applications. In addition to running an exchange, it also offers cryptocurrency payment tools and the blockchain-based racing game Gleec Racing.
The company said the move reflects its commitment to continue on its trajectory of expansion and growth, and that the decision to acquire Blocktane comes in a bid to ensure even broader regulatory oversight in new markets.
“We are delighted to partner with Gleec to bring their tools and products to Blocktane users in Brazil and their first entry into that home market,” said John Willock, former executive president of Blocktane.
Looking ahead, Gleec BTC Exchange said, “it hopes to be operational in Brazil within a few weeks. One of its first goals is to add the Brazilian real to its list of supported fiat assets. The company will also be looking to expand its team by hiring local Web3 developers and other talent.”
Brazilians have not missed the cryptocurrency trend and the country has been a hive of crypto-related activity. Within Latin America, the nation was the ringleader of cryptocurrencies from both a regulatory and development perspective. Brazil alone accounts for over a quarter of the $500 billion cryptocurrency market in Latin America.