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Coinbase Expands in Brazil and Allows Crypto Purchases With Brazilian Reals

Coinbase Expands in Brazil and Allows Crypto Purchases With Brazilian Reals – Coinbase (COIN), a cryptocurrency exchange based in the United States, announced on Tuesday that it has integrated the payment system Pix used by the Brazilian government and has begun facilitating purchases of cryptocurrencies using Brazilian reals.

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A relationship with the Brazilian end-to-end payment processor Ebanx made it possible to establish a connection with the platform, which has more than 140 million members. Customers will not only be able to buy goods and services with the local currency, but they will also be able to withdraw Brazilian reals. 

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In addition, Coinbase stated that its mobile application is now completely available in Portuguese and that it offers service around the clock. Coinbase established a technological hub in Brazil in 2021, and during that time it recruited and hired more than 40 full-time software developers, as well as a country director. 

But, up until this point, Coinbase customers in Brazil were only able to buy cryptocurrency using a credit card. The worldwide expansion strategy of Coinbase places a significant emphasis on Brazil as a crucial market. “Brazil is a key market for Coinbase’s international expansion strategy.”

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“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,” Nana Murugesan, vice president of international at Coinbase, said in a statement. Derivatives exchange Bitget and wallet provider MetaMask are among the global crypto players that have joined Pix in recent months.

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