Coinbase (COIN) is flying.
At the moment, shares are up more than $12.38 on the day.
All on news it may be nearing a deal to buy Brazilian holding company called 2TM, which controls Mercado Bitcoin.
According to Coin Telegraph, “A keystone of the group’s Latam expansion plans, the world’s second-largest cryptocurrency exchange has also been on the lookout for business development managers and executives as part of a Brazilian hiring spree. It’s no surprise why; Brazil is a hotbed for Bitcoin adoption. Brazil’s second-largest city, Rio de Janeiro will accept crypto for certain taxes in 2023, and according to triple-A, more than 10 million Brazilians own cryptocurrency.”
COIN is also pushing higher with Bitcoin, which was up another 6% to $47,380 on the day. And, it’s moving higher on NFT plans. In fact, as we near development of the metaverse, the stock could see higher highs, especially with its potential NFT (non-fungible tokens) launch.
After all, according to Binance, NFTs “are the bridge to the metaverse, and facilitate identity, community, and social experience.”
Binance added, “The metaverses and NFT blockchain gaming will become an integral part of Web 3.0, an era where real-world businesses expand into the digital space, and users uncover the versatility of such environments. We believe that NFT ownership is key and will open up a world of opportunities in the emerging metaverses.”
