April 17, 2024

Coinbase Collaborating with Central Bank of Brazil to Improve Crypto Service Delivery

On March 21, the American-based crypto exchange Coinbase sealed a partnership agreement with the Brazilian central bank to provide innovative payment solutions. The Coinbase team had earlier revealed plans to pursue the Brazilian market, and through the partnership, the crypto firm garners endless opportunities to penetrate a crowded market.

The group plans to increase its number of customers and launch revolutionary infrastructures in the Brazilian market. According to the partnership agreement Coinbase and the Brazilian apex bank has agreed to engage fast-growing payment services providers such as Ebanx and Pix to transform the digital payment sector.

After the successful engagement, the team will integrate a new feature into its online platform to allow the Brazilian crypto-native population to purchase cryptos using the country’s fiat currency.

Coinbase Pursuing Brazilian Market

Besides crypto purchases, the team plans to activate a new feature that expedites the crypto-related deposits and withdrawals on the Coinbase application. The Coinbase team has agreed to launch a sophisticated user interface to improve the account creation process.

Since 2021, Coinbase has been rerouting its resources to find a suitable market opportunity in Brazil. The firm has set up a tech hub on the Brazilian market to stay ahead of the curve in an ever-changing crypto market.

Coinbase’s significant expansion to the Brazilian market marks a bold move to pursue the global market. The dedicated team plans to establish another store outside the US to provide services to diverse users.

Suitability of the Brazilian Market

A recent study on digital payment adoption in Latin America demonstrated that Brazil has a growing crypto community. The high population of the crypto-savvy community in the region has attracted key market players to enter the Brazilian market.

At the beginning of this trading year, the largest crypto exchange Binance partnered with Mastercard to release a crypto debit card. Furthermore, the regulators in Brazil have been holding talks to formulate crypto regulation that fits the needs of retail and institutional investors.

In 2022, the Brazilian Securities and Exchange Commission engaged in an embroiled debate with the legislator to distinguish crypto and securities. The regulators plan to enact crypto laws within the region by mid-year.

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