Estonian-based cryptocurrency exchange Gleec BTC is set to grow its footprint in Latin America, having entered the lucrative market through taking over the operational assets of Brazilian platform Blocktane.
For a brief period of time, Blocktane was a leading crypto exchange with a substantial presence in Brazil and South America. Most recently, it has introduced Blocktanium (BKT), its platform token which provides rewards, fee discounts, and other benefits within the Blocktane ecosystem.
Gleec BTC Exchange has acquired Blocktane’s entire portfolio of assets, becoming the owner of the exchange that has been involved in the Brazilian domestic market since 2020. With this buyout, Gleec BTC now controls the Blocktane brand and its native BKT token. Part of the deal, Blocktane’s current management will stay to work with the new owner and oversee its new operation in the country.
Gleec BTC Exchange, which advertises itself as the first digital ecosystem powered by blockchain, has been operating under entities regulated by different financial supervisory authorities, including in Dubai, Estonia, Poland, and El Salvador, among other jurisdictions. The platform supports a network of interconnected applications. Besides operating an exchange, it also offers crypto payment tools and blockchain-based racing game Gleec Racing.
The company said the move reflects its commitment to continue on the trajectory of expansion and growth, and that the decision to acquire Blocktane comes in an effort to ensure even broader regulatory supervision in new markets.
“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 John Willock, former Executive Chairman of Blocktane.
Looking ahead, Gleec BTC Exchange said “it hopes to get up and running 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 look to expand its team by hiring local Web3 developers and other talents.”
Brazilians have not missed the cryptocurrency trend and the country has been a hive of activity related to crypto assets. Within Latin America, the nation was the cryptocurrency ringleader both on the regulatory side and on the development side. Brazil alone accounts for more than a quarter of the $500 billion crypto market in Latin America.
