Coinbase, the US-based cryptocurrency exchange, has recently entered the Brazilian market and aims to compete with other established giants like Binance, Mercado Pago, and Nubank, which have been operating in Brazil for years and have a massive number of users. The company announced its expansion into Brazil on March 21 through a series of updates that will streamline user transactions. Coinbase’s goal is to make cryptocurrencies accessible to all Brazilians while ensuring the safety of its clients’ assets.
3/ To support the UK’s goal to become a global crypto hub, today we laid the out the key principles that we believe will help the inspiring ‘Global Britain’ ambition be realized. More here 👇
— Nana Murugesan (@NanaMurugesan) March 15, 2023
Bem-Vindos, Coinbase
To achieve its goals in Brazil, Coinbase is integrating with the country’s most widely used instant payment system, “Pix,” which operates similarly to a cryptocurrency transaction. Additionally, the company has partnered with fintech EBANX Payments to enable safe transactions between global merchants and Latin Americans. Coinbase’s trading platform will be fully adapted to Brazilian Portuguese with 24-hour chat support in their native language to provide a better experience for its users.
Brazil: The First Stop in a Long Journey
One of Coinbase’s main objectives is “to bring financial freedom to even more Brazilians through the cryptoeconomy.” To achieve this goal, the company’s Country Director in Brazil, Fabio Plein, will expand his role as Regional Managing Director to increase the firm’s relationships in Brazil and Latin America. Coinbase’s new launch in Brazil is part of the international expansion program it launched last week to expand into a maximum of ten global markets, including the UK, Austria, Singapore, and Brazil, among others. According to Nana Murugesan, Coinbase’s Vice President of Business Development and International, the company will deepen its presence in chosen countries like Brazil before moving on to new ones.
Murugesan also emphasized that the expansion into Brazil is taking place due to the country’s importance in terms of cryptocurrency adoption in Latin America since the nation “is one of the first countries on the cryptocurrency adoption index.” Currently, Binance and Crypto.com are the two largest global competitors to Coinbase, with registered legal entities in Brazil. Other regional exchanges include MercadoBitcoin, Novadax, Biscoint, and some brokers that offer indirect exposure to crypto, including XP, Mercadopago, Itaú, 99Pay, and Nubank.
