Coinbase integrate with Brazil’s Pix payment network
Cryptocurrency exchange Coinbase has integrated the Brazilian government’s payment system Pix and started allowing users to top up and withdraw money from their accounts using Brazilian Real.
launched in 2020, Pix is a Brazilin widely-used public instant payment system that facilitates easy account-to-account transfers for 130 million individuals in the country. The 24/7 service network is backed by Brazilian Central Bank (BCB) and is already used by some crypto firms such as Bitget and MetaMask as a convenient digital payment method.
“We’ve also tailored our app to be fully localized in Brazilian Portuguese, with 24/7 chat support always available to assist you. Finally, we have streamlined our onboarding process, making it easier than ever to get started with Coinbase,” the statement reads.
The retail crypto market is already very large in Brazil, evidenced by the fact that crypto traders double the number of stock investors, based on a recent survey conducted by local media.
Earlier in September, rival exchange Binance suspended deposits and withdrawals in Brazilian reals through the government’s payment system Pix. The payments blockage coincided with the end of a deadline imposed by the Brazilain central bank for Pix providers to implement new “know your customer” requirements.
Binance was also reportedly planning to buy banks and payments processors in Brazil as a way into the market. It has already signed a memorandum of understanding to potentially acquire Brazilian securities brokerage firm, Sim;paul Investimentos. However, the takeover requires Binance to get approval from both the Securities and Exchange Commission of Brazil (CVM) and the central bank.
Coinbase established a technology hub in Brazil in 2021. Additionally, its VC arm has been active throughout Latin America, including investments in Hashdex, a Brazilian cryptocurrency asset manager, and Ledn, a cryptocurrency-focused financial services platform.
The Nasdaq-listed crypto exchange operator was planning to acquire Brazilian unicorn 2TM Group, the holding company for Latin America’s largest crypto exchange, MercadoBitcoin.com. However, both exchanges scrapped talks over a possible purchase that could have resulted in a controlling acquisition or a minority stake sale. 2TM was valued at roughly $2.2 billion in December 2021 after the latest $50 million fund-raise.
The American exchange is looking to international markets to drive growth amid fears of a looming clampdown on crypto businesses in the US. Coinbase is also facing some banking troubles after it revealed that about $240 million in corporate cash balance are stuck with the New York-based lender Signature Bank.
