It seems like the race to win in the cryptocurrency market is heating up in Brazil! Just a few days ago, the giant U.S.-based crypto exchange Coinbase (COIN) announced an expansion to the Brazilian market, providing customers with the ability to purchase crypto with Brazilian reals and withdrawals of reals through the government’s payment system, Pix. This deal is bolstered by Coinbase’s recently established partnerships with Ebanx and Pix, as well as their 24/7 Portuguese-based support, Brazil-based engineers and a fully localized app!
Coinbase seems determined to spread their tentacles deep into the Brazilian crypto market with their recent announcements and investments. Moreover, their January deal with Binance and Mastercard to launch a prepaid crypto card illustrates the extent of their ambitions. According to one of their Vice Presidents, Nana Murugesan, Coinbase has been “investing in and developing products tailored to the needs of the Brazilian market, as we recognize the immense potential and growth opportunities in the region.”
It is no surprise that Coinbase has set its sights on the Brazilian market. They have the largest share of digital payment adoption in Latin America, and their crypto framework is slowly yet steadily emerging. According to reports, Brazilian parliament have passed the law regarding cryptocurrency regulation at the end of 2020, which is said to come into force in June of this year. This then renders Brazil a very attractive market for cryptocurrency players like Coinbase.
Indeed, Coinbase’s rivals like BitGet, MetaMask and OKEx have already entered the Brazilian market, but Coinbase seems focused on differentiating itself by providing customers a fully localized app and 24/7 Portuguese-based customer support. With a tech hub in Brazil since 2021, Coinbase already had over 40 engineers working on developing crypto and Web3 technologies, further cementing their commitment to the Brazilian market.
Given the strong presence of major players such as Coinbase, Binance and Bitget, it appears that cryptocurrency’s popularity is quickly growing in Brazil. There is a lot of money to be had in the crypto market and it seems like Coinbase is set to secure a piece of the Brazilian pie – with their boosting expansion and around-the-clock customer support! We’ll have to wait for more news to unfold, as Coinbase’s expansion into Brazil will surely provide more exciting opportunities for Brazilian crypto users!