Pix, the Central Bank of Brazil, and Coinbase Collaborate to Provide Additional Services

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Last Updated on March 22, 2023 by Bitfinsider

By forming alliances with regional services, Coinbase is extending its services in Brazil, the business announced on March 21. Its updates include easier onboarding and 24/7 customer assistance in Portuguese.

Deals have been signed by Coinbase with Pix, the Central Bank of Brazil’s instant payment app, and Ebanx, a provider of payment options in Brazil. The new partnerships allow deposits and withdrawals from Coinbase accounts in real as well as make it simpler to buy cryptocurrency using the Brazilian real. Brazilians will now find it simpler to sign up for a Coinbase account.

According to its statement, Coinbase has been present in Brazil since 2021, when it opened a tech hub there. By June 2022, when it declared the start of services for the Brazilian public, it had 40 employees there.

According to the business, its present international expansion includes upgrades in Brazil. It also allegedly has plans to establish an exchange platform outside of the US.

Source: Twitter

In Latin America, Brazil has the greatest rate of adoption of digital payments. Following a January agreement between Binance and Mastercard to introduce a prepaid crypto card in the nation, Coinbase expanded into Brazil.

In Brazil, a crypto regulatory framework is steadily taking shape. In September, the Brazilian Securities and Exchange Commission requested changes to a proposed cryptocurrency regulation, allegedly due to confusion over whether cryptocurrencies are considered securities or digital assets. Both chambers of the Brazilian parliament have approved that legislation, which was signed into law in December and is scheduled to take effect in June.

Pix is a 2020-born non-blockchain application. Pix transfers must be made possible by all banking and payment services that hold a license from the Brazilian central bank. It is already integrated with LocalBitcoins, Crypto.com, and OKEx.

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