OKX, the global cryptocurrency exchange and Web3 service provider, has launched a local crypto exchange and Web3 wallet platform in Brazil. The move is part of OKX’s strategy to provide a gateway to decentralized finance (DeFi) and crypto trading with Brazilian real fiat-on ramp capabilities.
Guilherme Sacamone, the general manager of OKX Brazil, emphasized the Brazilian market’s “enormous potential” for crypto adoption and DeFi. The expansion aims to meet the needs of Brazilian users who expect fast and liquid trading along with a secure self-custody wallet solution in one app.
A recent survey found that 92% of Brazilian respondents desire “clear and transparent information” about their investment security, and 86% believe that proof-of-reserves can positively impact cryptocurrency market legitimacy and maturity.
OKX’s expansion in Brazil reflects the company’s commitment to the country’s growing crypto community. Brazil is considered one of the largest cryptocurrency markets in Latin America, ranking ninth globally for overall crypto adoption. According to its revenue service agency, the country has seen significant adoption of stablecoins like Tether, which accounted for 80% of all crypto transactions.
The crypto regulatory environment in Brazil has driven competitiveness and increased adoption of cryptocurrencies and DeFi-related activities. Brazil is also among the countries pledging to authorize the Crypto-Asset Reporting Framework in cooperation with the Organisation for Economic Cooperation and Development by 2027.
The Brazilian crypto market features several exchanges, including eToro, Bybit, Kraken, Mercado Bitcoin, and Binance, and has demonstrated a strong appetite for crypto and DeFi offerings. OKX’s expansion aims to tap into this growing market.