OKX launches crypto exchange, wallet services in Brazil
Cryptocurrency exchange and Web3 developer OKX has announced the expansion of its services to users in the Brazilian market through its local crypto exchange and Web3 Wallet platform.
In the year On November 27, the company said it is focusing on providing decentralized finance (DeFi) and crypto trading with real fiat-on ramp capabilities in Brazil.
According to OKX Brazil General Manager Guilherme Sacamón, the Brazilian market has “huge potential” to lead in crypto adoption and defiance.
“We know Brazilians expect fast and liquid commerce, with a secure self-sustaining wallet solution all in one app.”
OKX cites a recent survey showing that 92% of Brazilian respondents want “clear and transparent information” about their investment security. The survey found that 86% agreed that proof-of-concept would have a positive impact on the legitimacy and maturity of the cryptocurrency market.
Sakamon told Cointelegraph:
“When OKX launches in Brazil, we are not only expanding globally; we are making a commitment to the Brazilian crypto community.”
Related: Latin America Takes Global Lead in Choice of Centralized Exchanges: Report
According to data from Chinalysis, by 2023, Brazil was one of the largest cryptocurrency markets in Latin America alongside Argentina and Mexico. The data puts Brazil in ninth place for overall global crypto adoption.
Some of the exchanges currently available to users in the Brazilian market include eToro, Bybit, Kraken, Mercado Bitcoin and Binance. The data shows that Brazil leads the region in decentralized exchanges and other DeFi-related activities.
Last year, the country made exceptional progress in accepting the stablecoin Tether (USDT), which accounted for 80% of all crypto transactions, according to the Revenue Service Agency.
Recently, in an interview with Cointelegraph, the CEO of crypto exchange Coinext, Jose Ribeiro, said that Brazil's crypto regulatory environment is leading to “competitiveness”, which has increased “surprisingly”.
Brazil is one of the 47 countries – and one of the two South American countries – committed to licensing the Crypto-Asset Reporting Framework by 2027 in collaboration with the Organization for Economic Co-operation and Development.
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