Deposits and withdrawals in fiat currency Real
Major U.S. crypto asset (virtual currency) exchange Coinbase announced on the 21st that it will cooperate with the Brazilian government’s payment system Pix to allow users to deposit and withdraw using the fiat currency real. The stock price rose more than +11%.
Until now, users in Brazil could only use credit cards when purchasing cryptocurrencies, but now it is possible to deposit and withdraw in fiat currency, improving convenience.
Pix is an instant payment system developed by the Central Bank of Brazil and released in 2020. One of the purposes is financial inclusion, and it is possible to make transfers and remittances at low cost 24/7. It is also possible to make payments using a smartphone.
Additionally, the Coinbase app will be fully Portuguese compliant and customer support will be available 24/7. The user registration process has also been simplified.
“We recognize the great potential and growth opportunities in Brazil and are committed to investing and developing products that are tailored to the needs of the Brazilian market,” said Nana Murugesan, Head of Global Affairs at Coinbase. .
Coinbase also announced that its head of Brazil, Fabio Plein, has been made the director of the entire Americas, including South America. The company intends to conduct business more aggressively in Brazil and Latin America.
Mr Plein commented:
Coinbase currently has about 110 million users and aims to serve at least 1 billion people. Brazil is an important market in achieving this goal.
Brazil has a large population, active grassroots cryptocurrency use, and a promising future.
Coinbase plans to set up a technology base in Brazil in 2021 to develop cryptocurrencies and Web3 technologies for the country and elsewhere. Coinbase’s venture arm has also invested in Hashdex, a Brazilian cryptocurrency management company, and Ledn, a cryptocurrency-based financial services provider in Latin America.
The company is also in talks with a Brazilian bank about a partnership.
Coinbase Global Strategy
Murugesan said that Coinbase’s global expansion strategy has two directions: “deep” and “wide.”
The scope of application of “deep” is less than 10 markets such as several European countries, Australia, Singapore, etc., including Brazil, and special strategies specific to each country are taken.
On the other hand, “broadly” is a borderless approach that can be applied to various countries. One example is the coinbase wallet that can be used in various countries.
What is coinbase
A cryptocurrency exchange headquartered in San Francisco, California, United States. Founded in 2012. A person who had experience as an engineer for the world’s largest minpaku service and a person who had experience as a foreign exchange dealer at a major securities company jointly launched the business, and in a short period of time it became a top venture in the cryptocurrency industry.
Considering Trading Bases Outside the U.S.?
Coinbase is reportedly considering setting up trading hubs outside the United States as well. The U.S. regulatory environment appears to be a factor, and the company is looking for other locations to serve its global customers. It is said that details such as whether it will actually create a trading platform and in which country it will be created have not been decided.
connection: Coinbase to establish virtual currency trading bases outside the US = reports