Softbank-backed Brazilian crypto firm acquires Portuguese exchange

FILE PHOTO: A representation of the virtual cryptocurrency Bitcoin is seen in this picture illustration taken June 14, 2021. REUTERS/Edgar Su/Illustration/File Photo

NEW YORK (Reuters) - Softbank-backed Brazilian company 2TM, which runs Latin America's largest cryptocurrency exchange Mercado Bitcoin, said on Wednesday it will acquire a controlling stake in Lisbon-based crypto exchange CriptoLoja.

The Brazilian firm, valued at roughly $2.2 billion, declined to disclose the terms of the acquisition, but said the transaction is pending approval with Banco de Portugal, the nation's central bank.