San Francisco-based cryptocurrency exchange, Coinbase, has partnered with Pix, the leading electronic payment system in Brazil. This move, in turn, expands the exchange service to South American countries.
Coinbase Partners With Pix
This partnership will allow Coinbase users in Brazil to instantly deposit and withdraw Brazilian reais (BRL) using Pix. The application is a fast and secure payment system launched by the Central Bank of Brazil in November 2020.
Pix is fast becoming the preferred payment method for millions of Brazilians due to its simple, speedy and low transaction fees.
In 2021, Coinbase begins its involvement with Brazil by creating a regional technology hub. In addition, its investment wing, Coinbase Ventures, has been actively involved in various ventures throughout Latin America, which include support for Hashdex, a crypto asset management company in Brazil, and Ledn, a financial services platform based on cryptocurrencies.
According to a report from Bloomberg, the exchange is also in the pipeline to create a platform outside the US for users to trade digital tokens. The move comes as central banks, including Silvergate Bank, Signature Bank, and Silicon Valley Bank, shut down their operations.
More facts about Coinbase
Coinbase is one of the largest cryptocurrency exchanges in the world, with over 110 million registered users in another from 100 countries. The expansion into Brazil marks an important milestone in our global growth strategy.
Exchange declare on February 23, 2023, which creates measures that will facilitate the development and accessibility of decentralized applications (dApps). Coinbase aims to achieve this goal through a layer-2 network called “Base.”
The exchange’s layer-2 project will run on Ethereum, and at the time of writing, the project is still in the testing phase. In addition, the partnership between Coinbase and Pix will help accelerate the adoption of cryptocurrencies in Brazil. The country has been known for its growing interest in Bitcoin and other digital assets.
The company’s platform offers a variety of cryptocurrency trading pairs, including Bitcoin, Ethereum, Cardano, and Litecoin, so residents are almost never short of trading options. Crypto Exchange has recorded a significant growth in the price chart.
A report from Fortune indicates that the COIN stock price has increased by more than 50% in the past two weeks. The partnership with Pix is one of the latest moves by Coinbase to expand its services globally. In 2021, the company also launched in Japan and German, and expanded presence in England and Canada.
Options images from CNBC and charts from Tradingview.com