OKX Targets Expansion in Brazil, Focusing on Decentralized Finance and Crypto Trading
Summary:
OKX, a cryptocurrency exchange and Web3 developer, announced its expansion in Brazil, aiming to provide an entry to decentralized finance and crypto trading with Brazilian Real fiat-on ramp abilities. A recent OKX survey highlighted that 92% of Brazilians demand transparent information about investment security, and 86% believe that Proof-of-Reserves can enhance cryptocurrency market legitimacy. According to 2023 data from Chainalysis, Brazil is among the largest cryptocurrency markets in Latin America, ranking ninth globally for overall crypto adoption.
The renowned crypto exchange and Web3 creator, OKX, has unveiled plans to augment its services for clients in Brazil, offering a localized cryptocurrency exchange along with a Web3 wallet platform. On November 27, the company underlined its intent to offer an entrance to decentralized finance (DeFi) and digital currency trading, incorporating the capability of Brazilian Real fiat-on ramp. Guilherme Sacamone, OKX Brazil's chief executive, noted that Brazil holds a "huge potential" to be a forerunner in both digital currency acceptance and DeFi. "Swift and fluid trading, as well as a safe self-custody wallet solution, are what Brazilians demand, and we offer all of it in a single app," he said. A recent survey by OKX revealed that transparency regarding their investment security is desired by 92% of Brazilian respondents. The research also found that 86% believe that Proof-of-Reserves (PoR) can positively influence the digital currency market's credibility and maturity. Any more details about its growth in Brazil have yet to be provided by OKX. As per Chainalysis' data in 2023, Brazil ranks as one of the most substantial cryptocurrency markets in Latin America, together with Argentina and Mexico. Globally, this revelation places Brazil ninth in terms of overall crypto acceptance. Presently, eToro, Bybit, Kraken, Mercado Bitcoin, and Binance are among the crypto exchanges accessible to users in Brazil. The enhancing level of adoption for the stablecoin Tether (USDT), which constitutes 80% of all digital transactions, was particularly noted in the country over the past year, as stated by the national revenue agency. Recently, Coinext CEO Jose Ribeiro reflected upon the Brazilian crypto regulatory environment propelling "competitiveness", which he believes has increased remarkably. It's also worth noting that Brazil recently became one of 47 countries, including only two from South America, to pledge the adoption of the Crypto-Asset Reporting Framework (CARF) by 2027, in partnership with the Organisation for Economic Cooperation and Development (OECD).
Published At
11/27/2023 12:48:28 PM
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