Brazil Crypto Unicorn 2TM to Launch Quantitative Trading Service

2TM, the holding company for Mercado Bitcoin, Brazil's largest crypto exchange by market valuation, plans to launch a crypto asset manager focused on quantitative trading, the company confirmed to a Brazilian financial media outlet on Thursday.

2TM expects to launch the service in partnership with Giant Steps, a Brazilian asset manager with $1.49 billion under management and more than 100,000 investors. Giant Steps would hold a minority stake of the service, 2TM said.

According to Giant Steps, although the Brazilian quantitative trading segment has experienced "high growth rates" in recent years, it represents no more than 2% of total fund assets in the South American country.

In addition to Mercado Bitcoin, 2TM owns the over-the-counter (OTC) trading firm MezaPro and the equity token platform ClearBook, among other companies.

Cryptocurrency exchange Coinbase Global (COIN) is in talks to acquire 2TM, in a transaction that could be closed by the end of April.