Coinbase Enables Brazilian Real Crypto Purchases Through Government’s Payment System Pix

U.S.-based cryptocurrency exchange Coinbase has announced the integration of the Brazilian government’s payment system Pix, allowing customers to make purchases with Brazilian reals. The partnership with Brazilian end-to-end payment processor Ebanx has made it possible for Coinbase to collaborate with Pix, which boasts over 140 million users. Additionally, customers can withdraw Brazilian reals on the platform, which has become fully available in Portuguese with 24-hour support.

Expansion into the Brazilian Market

This move marks a significant milestone in Coinbase’s expansion strategy into Brazil. The company opened a technology hub in the country last year, where it hired over 40 full-time engineers and appointed a country director. Until now, the only way for Coinbase users in Brazil to purchase cryptocurrencies was through a credit card.

“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,” said Nana Murugesan, vice president of international at Coinbase, in a statement.

Joining Other Global Crypto Players on Pix

Derivatives exchange Bitget and wallet provider MetaMask are among the latest crypto players that have joined Pix, indicating the payment system’s growing significance in the industry. The integration of Coinbase with Pix comes at a time when Brazilian authorities have shown increased interest in regulating cryptocurrencies, with the central bank exploring the possibility of issuing a digital version of the Brazilian real.

In conclusion, Coinbase’s integration with Pix has opened up new opportunities for cryptocurrency traders in Brazil, offering a wider range of payment options and access to a growing community of crypto players. This latest move by Coinbase is part of the company’s efforts to expand its presence globally, with Brazil being a key market for its international growth strategy.

Source: CoinDesk