The Brazilian market welcomes Coinbase, the latest global crypto exchange to enter the country, willing to compete with other established giants, such as Binance, Mercado Pago, and Nubank, which have been operating in Brazil for years and have a massive number of users.
On March 21, Coinbase, the US-based cryptocurrency exchange, announced its expansion into Brazil through a series of updates that will streamline user transactions.
According to the announcement, the company’s goal is to make cryptocurrencies accessible to all Brazilians while ensuring the safety of its clients’ assets.
3/ To support the UK’s goal to become a global crypto hub, today we laid the out the key principles that we believe will help the inspiring ‘Global Britain’ ambition be realized. More here 👇https://t.co/QVBxYGfHu2
— Nana Murugesan (@NanaMurugesan) March 15, 2023
To achieve its goals, Coinbase stated that it is integrating with Brazil’s instant payment system, “Pix,” which has become the most widely used by its citizens, according to the Brazilian Federation of Banks (Febraban).
“First, we’ve made it simple for you to top up and withdraw money from your Coinbase account using Brazilian Real, thanks to our integration with Pix, a well-known instant payment platform created and managed by the Central Bank of Brazil.”
Pix is a payment system that, in essence, offers a similar user experience to that of a cryptocurrency transaction. People scan a QR code or get a “key” from the receiver and send money instantly and with no fees involved.
Additionally, Coinbase partnered with EBANX Payments, a fintech company focused on helping global merchants grow exponentially through its payment solution, which allows businesses worldwide to transact safely with Latin Americans. Currently, EBANX processes payments for leading merchants from 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 chat support in the native language that will operate 24 hours a day.
Brazil: The First Stop in a Long Journey
One of Coinbase’s main objectives is “to bring financial freedom to even more Brazilians through the cryptoeconomy.” To achieve this goal, Fabio Plein, who worked as the Country Director of the exchange, will expand his role as Regional Managing Director to increase the firm’s relationships in Brazil and Latin America.
According to Bloomberg, the company’s new launch in Brazil is part of the international expansion program it launched last week to expand into a maximum of ten global markets, including the UK, Austria, Singapore, and Brazil, among others.
During an interview with Bloomberg Online, Nana Murugesan, Coinbase’s Vice President of Business Development and International, said Coinbase cannot invest in all countries simultaneously, so they will deepen their presence in the chosen countries before moving on to 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 since the nation “is one of the first countries on the cryptocurrency adoption index.” This reflects the enormous business opportunity they could have in the South American country.
Right now, Binance and Crypto.com are the two largest global competitors to Coinbase, with registered legal entities in Brazil. The regional exchanges include MercadoBitcoin, Novadax, Biscoint, and some brokers that offer indirect exposure to crypto, including XP, Mercadopago, Itaú, 99Pay, and Nubank.
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