Just last week, we reported how two smaller exchanges in Mexico have merged in order to take on their bigger competitors. It seems like this may be a new trend in South America, as two Brazilian Bitcoin-based companies have now merged. The objective of this merger is quite simple: expand the business and push Bitcoin adoption in the country to new heights.
CoinBR – Acquiring Bitcoin and Hosted Mining Solutions
CoinBR is a well-known name among the Brazilian Bitcoin community, as they are one of the few digital currency platforms in existence in that country. Their service allows customers to buy Bitcoin in a convenient manner, by paying the lowest price. On top of that, CoinBR does not charge any additional fees for either buying or selling Bitcoin in exchange for fiat currency.
However, this is not just your regular Bitcoin exchange where Bitcoin can be traded 24/7. CoinBR is only accessible for trades during weekdays between the hours of 10am and 4pm. Orders can be placed outside of these business hours as well, but they will not be executed until CoinBR opens up again.
That is not all, as CoinBR also offers mining services to their customers. Or to be more precise, CoinBR offers hosted mining solutions, as they will provide your hardware with the space, cooling and electricity it needs in order to mine Bitcoin. Do not be mistaken in thinking that this is a form of cloud mining, as CoinBR does not sell any of the mining power hosted at their location.
By tackling both the aspect of buying and selling Bitcoin, as well as offering hosted mining solutions, CoinBR quickly made a name for itself in Brazil. And that success has not gone by unnoticed either. With an insatiable quench for expansion, this Sao Paulo-based Bitcoin company has set its eyes on partnerships and mergers for the future.
The Acquisition of Coinverse
In order to become the Bitcoin market leader in Brazil, CoinBR is aggressively expanding their reach by merging with competitors. The merger with Coinverse is just the first of many, as CoinBR chairman Rocelo Lopes indicated “we could purchase up to four of our major competitors right now”.
Now that Coinverse is under their wing, CoinBR can actively offer a Bitcoin wallet service next to their exchange and mining business. On top of that Coinverse’s CEO Safiri Felix will become the company’s Chief Officer. And this expansion is just part of a larger plan to capture the attention of all Brazilian customers.
Up next on the list could be the acquisition of a merchant processor, allowing CoinBR to offer any kind of Bitcoin-related service a customer could want. Purchasing a Bitcoin merchant processor does not come cheap however, but Rocelo Lopez will be able to use profits generated from its mining operations, as well as his stock in Othos Telecomunicacoes
Source: Press Release via Email
Images courtesy of CoinBR, Coinverse and Shutterstock