With Brazil’s Federal Senate approving a bill legalizing the use of cryptocurrencies as a payment method within the country, Gleec BTC Exchange has acquired Brazilian cryptocurrency exchange Blocktane as it seeks to increase presence in the country’s rapidly growing cryptocurrency market.
After establishing its presence in El Salvador, the decision of the cryptocurrency platform Gleec BTC Exchange to expand its presence in the Brazilian market follows the enactment of the bill n. 4401, which clarifies the use of cryptocurrency payments in the country.
Once passed, the upcoming legislation will offer pioneers like Gleec the opportunity to expand their market share in the lucrative Brazilian cryptocurrency market, which is estimated to be home to over 10 million crypto users, or nearly 5% of the country’s population. country.
While the bill does not define cryptocurrencies as legal tender, it does characterize cryptocurrencies such as Bitcoin (BTC-USD) as payment methods. The bill is now on the Brazilian president’s desk for approval. Once signed, new laws regulating cryptocurrencies and digital assets as payments will go into effect within six months.
Blocktane has experienced significant growth
Founded in 2020, Blocktane is a major player in both the Brazilian and South American crypto ecosystems, having achieved 100x 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 former management team of the platform.
John Willock, the former executive chairman of Blocktane, notes, “We are delighted to partner with Gleec to bring their tools and products to Blocktane users in Brazil and their first entry into that national market.”
The latest acquisition dovetails with Gleec’s regional growth plans, with services starting to operate in Brazil within weeks. It will also pioneer the platform’s other services, including popular P2E games Gleec Racing and Gleec Card, as well as its digital PoS solution Gleec SV, to gain momentum in adoption among Brazil’s large crypto user base.
“Brazilians can expect to benefit from increased security and reliability as a result of the country’s decision to legalize and regulate cryptocurrencies,” according to a Gleec Holding spokesperson. “We have always wanted to move quickly into markets with established cryptocurrency regulatory strategies to ensure users get the best possible services and features.”