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Gleec BTC Exchange Acquires Blocktane to Pursues Brazil Crypto Market

The Estonia-based crypto exchange Gleec BTC announced its interest in pursuing the Brazilian crypto market. This coincides with the Central Bank of Brazil’s legalized cryptocurrency payment method. Gleec BTC acquired Blocktane, a Brazil-based crypto exchange, to lay a foundation for penetrating the blossoming Brazilian crypto market.

The Estonian exchange made it public that the consolidation allows Gleec to oversee Blocktane assets comprising its legal entity, Blocktanium (BKT) token, treasury inventories, brand name and online domain. John Willock, former executive chairman of Blocktane, acknowledged that the acquisition would introduce new tools and products for Blocktane users.

Brazil Legalizes Cryptocurrency Payment

The Brazil Chamber of Deputies supported the lower house’s decision to legalize crypto payment in Brazil in a comparable move within the emerging economies. Initially, the Chamber of Deputies member Aureo Riberio drafted Bill No:4401/21 urging the policymakers in Brazil to embrace the crypto regulatory framework and allow digital assets in payment.

The proposed bill prompted months of deliberations that ended when Brazil’s executive approved the implementation of Bill No:4401/21. The bill is in its final stage, awaiting the president’s signature to become law in Brazil.

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Gleec Expansion to Brazil Market

Gleec executives acknowledge that the crypto market turbulence has hardly affected Brazil, given the rising crypto-savvy generation. This year the Brazil Crypto community increased to 1.5 million and witnessed a 135% surge from 424 000 crypto users in 2021. Nonetheless, over 900 businesses are integrating global practices by accepting payments made in Bitcoin (BTC) and Ethereum (ETH).

Gleec BTC updates restate the exchange objectives to increase its presence in Latin America due to crypto-friendly rules. Remarkably, Gleec pursued the El Salvador crypto market after the authority recognized crypto as a legal tender. 

Days after, the Brazilian government announced its intention to implement a cryptocurrency regulatory framework that encouraged Gleec to express interest in the Brazilian crypto market by acquiring Blocktane.

In July 2022, Blocktane realized substantial yields in Brazil and other parts of South America after launching its native token, Blocktanium (BKT). The Blocktane token had distinctive features such as a reward system and discounted offers that spurred the users more than 100 times within a short period. 

Speculations on Gleec’s likely approach are Blocktane acting as a footprint to enter Brazil’s crypto market. As such, Gleec agreed to the inclusion of the Blocktane management. The Blocktane community anticipates that the acquisition will adopt Gleec products and features. It will likely launch additional features, including Gleec Pay, Gleec SV, Gleec Racing, and Gleec Card, to boost the user experience.

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Stephen Causby

Stephen Causby is an experienced crypto journalist who writes for Tokenhell. He is passionate for coverage in crypto news, blockchain, DeFi, and NFT.

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