According to an announcement from Coinbase, the company is expanding its services in Brazil through alliances with local providers. Among its changes are quicker onboarding and 24-hour customer support in Portuguese.
Coinbase has signed agreements with the Brazilian payment solutions company Ebanx and the Central Bank of Brazil’s instant payment app Pix. The new collaborations will facilitate the purchase of cryptocurrencies with Brazilian reals and permit real-denominated Coinbase deposits and withdrawals. Furthermore, opening a Coinbase account will be faster for Brazilians.
According to its statement, Coinbase has been in Brazil since 2021, when it created a tech facility. In June 2022, when it announced the debut of services for the Brazilian public, it had 40 employees in Brazil.
The corporation stated that its present improvements in Brazil are part of a larger international expansion. Moreover, the company apparently intends to establish an exchange platform outside of the United States.
In Latin America, Brazil has the greatest proportion of digital payment adoption. Coinbase’s expansion into Brazil follows a January agreement between Binance and Mastercard to develop a prepaid cryptocurrency card in the country.
The regulatory landscape for cryptocurrencies in Brazil is undergoing rapid development. In September, the Brazilian Securities and Exchange Commission also sought modifications to proposed cryptocurrency regulation due to confusion about whether cryptocurrencies are securities or digital assets. Both houses of the Brazilian legislature have approved this legislation, which was signed into law in December, and is set to take effect in June.
In 2020, Pix was founded as a non-blockchain service. Pix transfers must be supported by any financial and payment systems authorized by the Brazilian federal bank. It already incorporates OKEx, Crypto.com, and LocalBitcoins.