Gleec BTC Exchange announced its entry into the Latin American market earlier today, December 12th. This latest development comes after the company acquired the rights to the Blocktane cryptocurrency exchange.The acquisition means that Gleec BTC Exchange is now providing cryptocurrency services in Brazil, the largest Latin American country.The cryptocurrency exchange said it would officially enter what is becoming one of the fastest-growing cryptocurrency markets in the world following its acquisition of Blocktane, an exchange platform that began operations in early 2020.Blocktane was a crypto exchange that provided crypto exchange services to Brazil’s domestic market. However, due to the ongoing crypto winter, Blocktane had to cease operations earlier this year.The acquisition of Blocktane means that Gleec BTC Exchange now has the rights to Blocktane’s legal entity, including the Blocktane brand, its native token BKT, its treasury and its employee base.Gleec Holding, the company behind the Gleec BTC Exchange added that the acquisition is timely because Brazil has recently passed legislation that will legalize crypto payments throughout the country when it is implemented in 2023.Gleec said it would take advantage of Brazil&#39;s crypto-friendly environment. Its regulatory approval in Europe gives an added advantage as Gleec has licenses to operate in nine jurisdictions thus far, including Estonia, Poland, Dubai and El Salvador, among others. The implication is that Brazil could soon be added to the list.While commenting on this latest development, John Willock, former Executive Chairman of Blocktane;“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.”Brazil is one of the leading countries in terms of cryptocurrency adoption. With a population of more than 200 million, it ranks in the top five countries in the world in terms of crypto investors. Over 10 million Brazilians are said to own crypto assets, putting the country behind just India, the U.S., Russia and Nigeria.As the leading economy in South America, there is a huge potential for cryptocurrency in Brazil. The younger demographic structure of Brazil makes it a prime market for cryptocurrency companies. This is because younger people are known to be more open to the idea of using cryptocurrencies than older generations, and are willing to embrace modern financial technology solutions.Gleec BTC Exchange concluded that it hopes to be up and running in Brazil within the next few weeks, putting it in a strong position to capture a significant slice of the domestic market by the time its new crypto legislation comes into force in 2023.

Gleec BTC Exchange Announces Expansion Into Latin America

Cryptowisser

Other articles published on Dec 20, 2022

24 Hrs Crypto Update, Dec 12: Global Crypto Market Jump Significantly

Lelantus Spark Code Audit Completed

3AC Withdraws 2,000 ETH from Binance, Now Holds 6,595 ETH

Ex-Celsius Employee Shares Implicating Document About Former CEO

Water is the energy behind all of nature

Phase 1 on Avalanche is LIVE now!

Join our free newsletter for daily crypto updates!