OKX, a cryptocurrency exchange and Web3 developer recently announcedthat it is providing additional services to users in the Brazilian market. These services include a Web3 wallet platform and a local cryptocurrency exchange.
Intending to establish a gateway to decentralized finance (DeFi) and cryptocurrency trading with Brazilian real fiat-on ramp capabilities, the company announced on November 27 that it is focusing its efforts on this project.
According to GuilhermeSacamone, the general manager of OKX Brazil, the Brazilian market has “enormous potential” to lead in adopting cryptocurrencies and decentralized finance applications. Sacamone made this statement.
It has been brought to our attention that Brazilians are looking forward to a unified application that offers a secure self-custody wallet solution and a trading platform that is both rapid and liquid.
The results of a recent poll are mentioned in an article that OKX published. The survey found that 92 percent of Brazilian respondents expect “clear and transparent information” on the safety of their investments. The research also found that 86 percent of respondents believed that proof-of-reserves could positively influence the legitimacy and maturity of the cryptocurrency market. This was one of the findings of the survey.
Sacamone say Cointelegraph:
“With OKX’s launch in Brazil, we’re not just expanding globally; we’re committing to Brazil’s crypto community.”
In 2023, Brazil was one of the top cryptocurrency marketplaces in Latin America, with Argentina and Mexico, according to data provided by Chainalysis. Based on the data, Brazil is ranked ninth in the worldwide adoption of cryptocurrencies.
Users in the Brazilian market have access tomany different exchanges right now, including eToro, Bybit, Kraken, Mercado Bitcoin, and Binance. According to the data, Brazil is also the leader in the region when it comes to decentralized exchange and other activities linked to decentralized finance.
In the previous year, there was a substantial rise in the number of people in the United States who adopted the stablecoin known as Tether.
According to the country’s revenue service department, which was responsible for eighty percent of all Bitcoin transactions in 2018, the cryptocurrencies were used to make payments. José Ribeiro, the Chief Executive Officer of the cryptocurrency exchange Coinext, indicated in a recent interview with Cointelegraph that Brazil’s legal framework for cryptocurrencies is fueling “competitiveness,” which he believes has developed “incredibly.” Ribeiro made a statementabout the expanding market for cryptocurrencies in Brazil.
Together with the Organization for Economic Cooperation and Development, Brazil is one of the 47 countries that have pledged to approve the Crypto-Asset Reporting Framework by 2027. This commitment was made in conjunction with the organization. In addition, Brazil is one of just two countries in South America that have confirmed their commitment to this.
