The Brazilian market welcomes Coinbase, the latest global crypto exchange to enter the country, set to compete with other established giants such as Binance, Mercado Pago and Nubank, which have been operating in Brazil for years and have a large number of users.
On March 21, US-based cryptocurrency exchange Coinbase announced its expansion into Brazil through a series of updates that will streamline user transactions.
According to the advertisementThe company’s goal is to make cryptocurrencies accessible to all Brazilians while ensuring the security of its clients’ assets.
3/ In support of the UK’s goal of becoming a global crypto hub, today we are presenting key principles that we believe will help make ‘Global Britain’s’ inspiring ambition a reality. More here 👇https://t.co/QVBxYGfHu2
— Nana Murugesan (@NanaMurugasan) March 15, 2023
Welcome to Coinbase
To achieve its goals, Coinbase stated that it is integrating with Brazil’s instant payment system, “Pix”, which has become the most used by its citizens, according to the Brazilian Federation of Banks (February).
“First, we’ve made it easy for you to top up and withdraw money from your Coinbase account using Brazilian reais, thanks to our integration with Pix, a popular instant payment platform created and managed by the Central Bank of Brazil.”
Pix is a payment system that essentially offers a user experience similar to that of a cryptocurrency transaction. People scan a QR code or get a “key” from the recipient and send money instantly with no fees.
In addition, Coinbase partnered with EBANX Payments, a fintech company focused on helping global merchants grow exponentially through its payment solution, which enables businesses around the world to securely transact with Latin Americans. EBANX currently processes payments for leading merchants in over 50 countries, including the US and China.
Similarly, Coinbase announced that its trading platform would be fully adapted to Brazilian Portuguese to provide a better experience for its users. They will also offer native language chat support that will work 24 hours a day.
Brazil: the first stop on a long journey
One of Coinbase’s main goals is to “bring financial freedom to more Brazilians through the crypto economy.” To achieve this goal, Fabio Plein, who served as Country Director for the exchange, will expand his role as Regional General Director to increase the firm’s relationships in Brazil and Latin America.
According According to Bloomberg, the company’s new launch in Brazil is part of the international expansion program it launched last week to expand to a maximum of ten global markets, including the United Kingdom, Austria, Singapore and Brazil, among others.
During an interview with Bloomberg Online, Nana Murugesan, Coinbase’s vice president of international and business development, said that Coinbase cannot invest in all countries simultaneously, so it will deepen its presence in selected countries before moving into new ones.
Murugesan also emphasized that the expansion into Brazil is taking place due to the country’s importance in terms of cryptocurrency adoption in Latin America, as the nation “is one of the top countries in the cryptocurrency adoption rate.” This reflects the enormous business opportunity they could have in the South American country.
Right now, Binance and Crypto.com are Coinbase’s two biggest global competitors, with registered legal entities in Brazil. Regional exchanges include MercadoBitcoin, Novadax, Biscoint, and some brokers that offer indirect exposure to cryptocurrencies, including XP, Mercadopago, Itaú, 99Pay, and Nubank.
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