Coinbase expands services in Brazil through partnerships with local services, the company announced March 21. Round-the-clock customer support in Portuguese and easier onboarding between upgrades.
Coinbase has entered into a deal with Brazilian payment solutions provider Ebanx and Pix, an instant payment application operated by the Central Bank of Brazil. The new partnership will make it easier to buy crypto using Brazilian real, as well as enable real deposits and withdrawals from Coinbase accounts. Brazil will also have easier access to open a Coinbase account.
Coinbase has been in Brazil since 2021, when it established a technology hub there, according to the statement. It already has 40 employees there in June 2022, when it announced the launch of the service for the Brazilian public.
The current Brazil update is part of a broader international expansion, the company said. It is also reportedly planning to set up an exchange platform outside the United States.
4 / Excited to announce #Coinbase expansion in #Brazil today! We integrate with the Brazilian Central Bank Pix for smooth transactions, offer a fully localized application, and 24/7 support. We also build for Brazil, from a tech hub in Brazil!https://t.co/gf53W1Ybzy
— Nana Murugesan (@NanaMurugesan) March 21, 2023
Brazil has the highest adoption rate of digital payments in Latin America. Coinbase’s Brazil expansion comes on the heels of a deal struck in January between Binance and Mastercard to launch prepaid crypto cards in the country.
Related: The Brazilian version of Cointelegraph reveals the top 10 people in crypto and blockchain
The regulatory framework for crypto is gradually emerging in Brazil. Brazil’s Securities and Exchange Commission is seeking changes to its proposed cryptocurrency regulation in September, reportedly because it is unsure whether crypto is a security or a digital asset. The law has passed both houses of Brazil’s parliament and was signed into law in December. It is expected to be implemented in June 2023.
Pix is a non-blockchain service established in 2020. All financial and payment services licensed by the Brazilian central bank are required to facilitate Pix transfers. It has integration with OKEx, Crypto.com, and LocalBitcoins.