Coinbase, the leading US crypto exchange, has expanded its activities in Brazil with a new integration with the central bank’s instant payment network, which has 140 million users.
Crypto exchange Coinbase had integrated Brazil’s instant payment network Pix and started accepting Brazilian reals.
The Pix network was launched in 2020 and currently has over 140 million users. Since its launch, the network’s user base have increased by 14,000%.
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On top of that, Coinbase has also partnered with Brazil’s payment processor Ebanx, allowing Brazilians to withdraw their crypto in Brazilian reals.
Additionally, Coinbase has added Portuguese language and 24-hour chat support for Brazilian customers.
It is worth noting that, before the integration, Brazilians could only buy crypto on Coinbase using a credit card.
The partnership with Pix and Ebanx is a part of Coinbase’s attempt to shift its focus to Brazil, the biggest economy in South America, which accounts for nearly 45% of the region’s GDP. Coinbase’s first foray into Brazil took place in 2021 when it launched a technology hub and hired over 40 engineers and a country director.
According to Coinbase’s Nana Murugesan, VP of International and Business Development, Brazil was a key market for the crypto exchange’s international expansion efforts. Murugesan added:
We are committed to 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.
Besides Coinbase, other global crypto firms have also integrated Pix into their services. The list of companies includes a crypto derivatives exchange Bitget and the crypto wallet provider MetaMask.
Brazil is currently one of the biggest markets for crypto, with an estimated 10 million active crypto users. Using crypto is a popular way for Brazilians to fight against devaluation and inflation.
At the end of its blog post, Coinbase stated:
The updates we announced today are designed to make it even easier for people in Brazil to access the cryptoeconomy and benefit from financial freedom.
On March 17th, the news broke that Coinbase was allegedly planning to launch a crypto trading platform outside the US.
