Previously, Brazilian exchange customers could only acquire crypto using a credit card.
Coinbase (COIN), a cryptocurrency exchange located in the United States, said on Tuesday that it had implemented the Brazilian government’s payment system Pix, making it possible to buy cryptocurrencies using Brazilian reals.
Brazilian end-to-end payment processor Ebanx partnered with image-sharing platform Pix to facilitate the integration. Pix has a user base of over 140 million. Customers can purchase Brazilian reals and withdraw those exact reals from an ATM.
In addition, Coinbase said that its app is entirely accessible in Portuguese and that 24-hour assistance has been activated.
Upon establishing a technological center in Brazil in 2021, Coinbase employed more than 40 local engineers full-time and a country director to oversee operations there. Coinbase customers in Brazil previously had the option of using a credit card to buy cryptocurrency.
“Brazil is crucial to Coinbase’s international growth plan. Given the area’s enormous potential and development prospects, we are dedicated to investing in and creating solutions specifically for the Brazilian market,” said Nana Murugesan, vice president of international at Coinbase.
Some of the biggest names in the cryptocurrency industry have joined Pix, including Bitget and the wallet service MetaMask.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.