Brazil recently passed a bill to officially legalize cryptocurrency payments in the country.
Gleec BTC Exchange is taking advantage of the situation in Brazil by acquiring Blocktane.
Blocktane is a Brazilian-based exchange founded in 2020.

Just days after Brazil passed a bill legalizing cryptocurrency payments in the country, Gleec BTC Exchange has moved to expand its presence in Brazil by acquiring Blocktane, a Brazilian-based exchange.

According to Gleec BTC Exchange, the acquisition of Blocktane includes the acquisition of Blocktane’s legal entity, its online domains and its brand name. Gleec BTC will also take charge of Blocktane’s native token BKT as well as its treasury inventory.

Acknowledging the acquisition, former Executive Chairman of Blocktane, John Willock said:

“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.”

Spurring the adoption of Gleec’s services

Expansion of Gleec BTC Exchange will likely lead to the adoption of the other crypto services offered by Gleec which offers a wide ecosystem of services including the popular play-to-earn crypto game Gleec Racing, plus Gleec Card.

Currently, Gleec BTC is already an established business in El Salvador, where it offers a digital point-of-sale tool called Gleec SV.

Legalization of crypto payment in Brazil

Gleec BTC Exchange’s acquisition just days after Brazil passed Bill No. 4,401, which legalizes payments using cryptocurrencies. The bill was passed after years of discussions and comes after the creation of a regulatory structure to govern crypto payments by the Brazilian Chamber of Deputies.

It is also a few days after the Brazil Central Bank revealed they are working on a central bank digital currency (CBDC).

The new law is expected to act as a huge boost for Gleec BTC Exchange and the newly acquired assets within Brazil. Following the acquisition, the exchange is expected to begin operating in Brazil in the next few weeks as it eyes a wider expansion into larger Latin America.