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Coinbase Expands in Brazil, Allows Crypto Purchases With Brazilian Reals
Previously, the exchange's users in Brazil could purchase crypto only with a credit card.
Updated May 9, 2023, 4:10 a.m. Published Mar 21, 2023, 2:30 p.m.
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U.S.-based crypto exchange Coinbase (COIN) has integrated the Brazilian government’s payment system Pix and started allowing crypto purchases with Brazilian reals, the company said Tuesday.
The tie-in with Pix – which has more than 140 million users – was enabled through a partnership with Ebanx, a Brazilian end-to-end payment processor. In addition to making local currency purchases, customers will also be able to withdraw Brazilian reals.
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In addition, Coinbase said its app is fully available in Portuguese and has enabled 24-hour support.
In 2021, Coinbase opened a technology hub in Brazil, where it hired more than 40 full-time engineers and eventually a country director. Until now, though, Coinbase users in Brazil could purchase crypto only with a credit card.
Read more: Binance Partners With Mastercard to Launch Prepaid Crypto Card in Brazil
“Brazil is a key market for Coinbase's international expansion strategy. 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,” Nana Murugesan, vice president of international at Coinbase, said in a statement.
Derivatives exchange Bitget and wallet provider MetaMask are among the global crypto players that have joined Pix in recent months.
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- The shift may be due to market dynamics, potentially reflecting the unwinding of a strategy that capitalized on bitcoin treasury companies trading at premiums to their mNAV.
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