Crypto Firm 2TM Hires JPMorgan to Advise in Coinbase Stake Talks

2TM Participacoes SA, owner of the biggest Brazilian-based cryptocurrency brokerage, hired JPMorgan Chase & Co. to advise in a stake sale to Coinbase Global Inc., people familiar with the matter told Bloomberg.

The negotiations are still ongoing and could result in a controlling acquisition or a minority stake sale, the people said, asking not to be named because the talks are private. 2TM declined to comment, and Coinbase didn’t return multiple requests for comment. JPMorgan declined to comment.

Last November, 2TM raised $50 million from investors including 10T Holdings, a U.S. private equity firm focused on the digital ...