Cryptocurrency exchange Coinbase has reportedly shut down discussions for a controlling interest in the cryptocurrency brokerage 2TM, Bloomberg reported on Wednesday (May 4), citing unnamed sources with insider information.
The Brazilian unicorn 2TM was under advisement by JPMorgan Chase & Co. regarding the deal, which would have given Coinbase a controlling stake or minority interest, the sources said.
A Coinbase spokesperson said in a statement that it is steadily expanding its presence in Brazil, and already has personnel in place. No reason was given for the negotiations ending. 2TM declined to comment.
If a deal was made, Coinbase would have further expanded its international footprint in its push to attract more users.
To oversee its Brazilian expansion, Coinbase hired Fábio Tonetto Plein as the country director, a former executive with Uber and PicPay, according to the report. Coinbase is also planning to expand the local workforce there.
See also: Today in Crypto: India Passes Crypto Tax Legislation; Deloitte, Coinbase to Acquire Brazil’s 2TM
Coinbase announced in March that it was close to a deal with 2TM, which controls Latin America’s Mercado Bitcoin, the biggest crypto brokerage in that region, PYMNTS reported at the time. M&A talks first started last year.
Following a $200 million funding in July, 2TM was valued at $2.1 billion. The company also raised $50 million in November. Launched in 2013 and headquartered in San Paulo, 2TM is the second cryptocurrency unicorn in Latin America.
Coinbase is also eyeing an expansion to Turkey and is in talks to buy the Turkish crypto exchange BtcTurk for $3.2 billion, PYMNTS reported last month.
Headquartered in Silicon Valley and launched in 2012, Coinbase started with the mission of enabling people from anywhere in the world to “easily and securely send and receive Bitcoin,” according to its website. The exchange now has over 89 million registered users across more than 100 countries.
The pandemic didn’t kill the movie theater, but it did make people fall in love with streaming services. To remain competitive, the entire movie and streaming experience is undergoing an epic, Marvel superhero-like mutation.
Immersive film experiences that simulate reality have come to lure you away from your comfy couch and deep into the stories of your favorite movies.
We’re not just talking about 3D glasses or IMAX here. These cutting-edge experiences incorporate virtual reality (VR), augmented reality (AR) and interactive elements to create a multi-sensory adventure. You don’t just watch a movie — you seem to live it, breathe it and maybe even taste it.
Yes, attempts at Smell-O-Vision, such as the 1960 film “Holiday in Spain” (aka “Scent of Mystery”) were decidedly less than successful, but technology has evolved light years since then and industry insiders believe immersive movies could be the key to revitalizing the theater industry in a post-pandemic world.
“Immersive experiences tap into our innate desire for novelty and excitement,” says Sarah Chen, a media analyst at TechVision Research. “They provide a sense of adventure and discovery that appeals to audiences seeking new forms of entertainment.”
Think of it like a combination of playing make-believe when you were little and a Universal Studios theme park ride.
For example, Particle Ink’s “Speed of Dark” in Las Vegas offers a mixed-reality experience where guests interact with the physical environment and view live performances, blurring the lines between reality and fiction. Want to be Bond, as in James Bond? There’s a company that will help you do that in style, as well as with other film favorites.
And don’t think for a second that the streaming services are just going to sit on the sidelines and watch this happen. Netflix recently launched its “Stranger Things: The Experience” in select cities. Fans can explore recreated sets from the popular show, interact with characters and solve puzzles in a live, immersive environment.
And don’t forget about “Bridgerton” and its live concerts, teas and the Queen’s Ball experiences hosted by select cities including New York, London, Chicago, Atlanta, Los Angeles and Minneapolis. You may just want to spill a little tea at one.
PYMNTS Intelligence data also shows consumers love experiences, whether when traveling or shopping — and brands are noticing. A report last year, which drew on a survey of 4,285 U.S. consumers, showed that the highest earners are the most likely to splurge on experiences.
Brands and retailers, including Nike, Mattel, Target and Nordstrom, are also getting in on the experience craze, hosting live events and interactive experiences.
Speaking of phenomena like “Stranger Things” and “Bridgerton” that made us stay home to be entertained, “Imagine transforming your living room into a virtual theater [with VR and AR technologies]. The possibilities are limitless,” says Chen.
The technology driving these experiences can drive filmmakers to up their game. Eugene Chung, the director of the acclaimed VR film “Allumette,” said, “VR allows us to create worlds where viewers don’t just see the story unfold — they feel it.”
But let’s be realistic; there are some very big obstacles to widespread adoption of immersive cinema experiences. They’re expensive to produce, and some projects will need specialized venues. You can’t exactly fit a dinosaur-infested jungle in your local multiplex. Plus, there’s always the risk of motion sickness.
And there will be critics who argue that overly immersive experiences detract from the art of traditional storytelling. But who needs plot and character development when you can have explosions so intense that you feel the heat on your face?
As the line between audience and participant in the cinematic plot continues to blur, one thing is clear: The movie-going experience of tomorrow may be vastly different from what we know today.
Who knows? In a few years, you might be able to star in your own blockbuster, defeat the villain, and save the world — all before dinner time. Just remember to silence your phones, keep your hands and feet inside the virtual reality at all times, and whatever you do, don’t feed the digital monsters.
