Gleec BTC Exchange has today announced the strategic acquisition of Brazilian-based exchange platform, Blocktane. The move comes a few days after Brazil’s Chamber of Deputies passed a law to legalize the use of crypto payments within the country.
According to the press release, Gleec BTC Exchange will acquire Blocktane’s primary assets, including the legal entity which has been operational since 2020, brand name and online domains. In addition, the exchange will assume control of Blocktane’s native token BKT and its inventory, with Blocktane’s former management also expected to join the team.
This acquisition coincides with the latest crypto regulatory developments in Brazil; the country’s federal legislative body (Chamber of Deputies) recently passed Bill No. 4,401 to legalize crypto payments across the nation. While it is yet to receive the president’s approval, the bill seeks to create a regulatory structure that will allow citizens to transact via cryptocurrencies.
As per Brazil’s legislation amendment procedures, this newly passed crypto bill is expected to come into law within six months after it has been signed by the president.
Gleec BTC Exchange said the bill will be a game-changer as it eyes expanding its crypto services to the Brazilian market. Operations are set to commence in the coming weeks, with the exchange also looking to establish its presence in other Latin American countries. But more importantly, Gleec BTC Exchange will enhance the experience of existing Blocktane users through its advanced tools and products.
“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,” said former Executive Chairman of Blocktane, John Willock.
It is also likely that other crypto products offered by Gleec BTC Exchange will find their way into the Latin American market; these include a popular play-to-earn game known as Gleec Racing and Gleec’s crypto visa card. As it stands, Gleec already enjoys a strong presence in the crypto-friendly El-Salvador where they provide a digital point of sale tool dubbed Gleec SV.
Gleec Holding, the parent company of Gleec BTC Exchange, said that Brazilians can expect more reliable and secure crypto services following the country’s decision to pursue a regulatory framework for crypto payments. This is also the main reason why they have chosen to tap into the local Brazilian crypto market.