Cryptocurrency continues to gain mainstream adoption worldwide. Brazil has become one of the biggest hubs of crypto activity in recent years. A recent policy change by the Central Bank of Brazil introduces new opportunities for exchanges, and KuCoin is going all in.
Brazil And Cryptocurrency
Like other South American countries, brazil finds itself in a position where cryptocurrencies can make a meaningful difference. It is an innovative way of sending and receiving money, conducting payments, etc. Moreover, the recent Into the Cryptoverse Report by global exchange KuCoin confirms overall interest in crypto assets is still on the rise.
More specifically, Brazil is home to 34.5 million people who own cryptocurrency. In fact, these people are classified as active crypto investors, representing 26% of the 18-60 population in the country. Additionally, two in three keep close tabs on the current crypto markets and may look to increase their exposure in the coming months.
Things are changing rapidly in Brazil, although favorably. The Central Bank of Brazil put forth a deadline for companies to update their user identity verification processes to enable Brazilian Real payment services. Any company not complying with these requirements will be forced to suspend BRL transaction support, hindering their future growth in the Brazilian market.
KuCoin has identified Brazil as one of its key markets for future growth. Since establishing its presence there, the company noted substantial growth. That momentum increased in early 2022, with many crypto-curious individuals signing up for the exchange. Through a special airdrop event, the company will offer a welcome bonus to all new Brazilian users and strengthen its position in the country.
KuCoin Remains Committed To Brazil
The policy change enforced by the Central Bank of Brazil does not deter KuCoin from exploring the Brazilian market. Instead, the company is now the first major crypto exchange to comply with these guidelines. Additionally, KuCoin secured a partnership with the local payment gateway Capitual to enable BRL deposits and withdrawals via PIX, the payment system backed by the government.
KuCoin CEO Johnny Lyu adds:
“As crypto going to the mainstream, fiat to crypto service remains the biggest barrier to onboard more adopters. We are proud to be the first exchange to comply with the new PIX regulations and support our Brazilian users to deposit and withdraw BRL normally. We will soon launch more features like fiat trading pairs to help South American investors trade crypto in an easy and compliant way.”
KuCoin continues to expand its global presence since its launch in 2017. The trading platform is user-oriented and promotes inclusiveness and community action reach. With support for over 700 digital assets and users across 207 countries and regions, KuCoin is the go-to crypto trading platform for investors and the crypto-curious alike.
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