Crypto exchange OKX has expanded its cryptocurrency services in the Brazilian market by introducing a crypto exchange and Web3 wallet platform. The company has announced on its website that it is aiming to provide a gateway to decentralized finance (DeFi) and crypto trading for Brazilian users. They have also made available fiat-on-ramp capabilities using the Brazilian Real, the native Fiat currency of Brazil.
Guilherme Sacamone, the general manager of OKX Brazil, has stated that there is significant potential for the adoption of cryptocurrency in Brazil, and the Brazilian market has the potential to witness DeFi growth as well.
OKX’s mission statement for their new exchange
In his statement, Sacamone said that OKX is committed to helping Brazil reach its potential as a leader in the adoption of cryptocurrencies and decentralized finance in the Web3 universe.
He has also stated that the recent survey done by the company has outlined that the need for secure and transparent services is the top requirement of crypto users in Brazil, and they are focusing on providing those services.
Sacamone acknowledged the Brazilian market’s need for fast and liquid trading using a secure self-custody wallet solution, with all these requirements made available in one single application.
The survey Sacamone is referring to highlighted that 92% of Brazilian respondents desire clear and transparent information about investment security. Additionally, 86% expressed that proof-of-reserves could positively impact the legitimacy and maturity of the cryptocurrency market.
According to data from Chainalysis, Brazil was among the largest cryptocurrency markets in Latin America in 2023, ranking ninth globally for overall crypto adoption. Existing exchanges available to Brazilian users include eToro, Bybit, Kraken, Mercado Bitcoin, and Binance.
Brazil is a leader in decentralized exchange and other DeFi-related activities within the region. It is also one of 47 countries, and one of only two in South America, committing to authorize the Crypto-Asset Reporting Framework by 2027 in collaboration with the Organisation for Economic Cooperation and Development.
The country has experienced a notable increase in the adoption of the stablecoin Tether USDT over the past year, constituting 80% of all crypto transactions, according to Brazil’s revenue service agency.
José Ribeiro, the CEO of crypto exchange Coinext, highlighted the competitive nature of Brazil’s crypto regulatory environment, which has seen remarkable growth.
Ribeiro anticipates a record-breaking level of Bitcoin transactions in Brazil in 2023. This projection is based on the growing presence of global crypto exchanges like Binance, OKX, and Coinbase, which are expanding their operations in the country.
He said that the recent competition in the cryptocurrency space has significantly risen, and this increase has aligned with the increasing adoption of cryptocurrency around the world. Given Brazil’s historical experience with inflation, he sees interest in cryptocurrencies increasing further. According to Ribeiro, the expectation of interest rates decreasing in the coming year can also contribute to another cycle of growth in the crypto sector.
