As Brazil prepares to adopt a crypto payments regulatory framework, Gleec BTC Exchange is taking advantage of the change in sentiment with the acquisition of Blocktane. This local crypto exchange service provider has been operational since 2020. This strategic acquisition is also expected to lay the ground for Gleec’s expansion into the larger Latin American crypto market.
Gleec BTC Exchange said in a press release that the company would acquire Blocktane’s legal entity, the brand name and online domains. Additionally, the exchange is set to take control of Blocktane’s native token, BKT and its treasury inventory while onboarding Blocktane’s former management team.
For context, the recently passed Bill No. 4,401 by Brazil’s Chamber of Deputies will allow the use of crypto assets as a means of payment throughout the country. However, it is still awaiting the president’s signature, after which it will become law within six months. Once enacted, this will be a big milestone for Brazil, joining a few other jurisdictions that have already followed a similar path.
Gleec BTC Exchange expects this bill to play a major role in the expansion of its crypto services in the Brazilian market. The exchange said it would be launching operations in the next few weeks, bringing along more advanced tools and products to enhance the experience of crypto natives who have been using Blocktane exchange.
“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.
Besides crypto exchange services, Gleec BTC Exchange will provide access to its existing crypto products, including Gleec’s crypto visa card and a popular play-to-earn game Gleec racing. The exchange also features a digital point-of-sale tool known as Gleec SV, currently being offered in the El Salvador crypto market.
Gleec BTC Exchange’s parent company Gleec Holdings further said that Brazil’s move to adopt a crypto regulatory framework was the main motivation behind the strategic acquisition. Most importantly, the bill will enable Brazilians to access the crypto market through secure and reliable platforms regulated by the authorities.