OKX Establishes New Crypto Exchange and Web3 Wallet in Brazil
On Monday, November 27, the second largest crypto exchange by daily trading volume, OKX, successfully entered the vibrant Brazilian market by establishing a crypto exchange and a Web3 wallet. The exciting expansion to Brazil aimed at redefining the crypto sector by enabling the Brazilian crypto enthusiast to buy and sell their digital assets using the local fiat currency.
Remarkably, the entrance of OKX to the Brazilian market aimed at enabling businesses and investors to access the decentralized finance (DeFi) ecosystem.
OKX Expands to Brazil
A statement from the OKX Brazil general manager Guilherme Sacamone revealed that the suitability of the Brazilian markets plays a pivotal role in the ongoing push for the mainstream adoption of crypto assets.
He believes that the astonishing growth of the Brazilian crypto market positions the DeFi sector as a pinnacle for blossoming. After conducting a thorough market survey, Sacamone noted that Brazilians demand a fast and convenient trading platform.
With the changes in the financial sector, the executive noted that the Brazilian needed an innovative application with trading features and self-custody wallet solutions. Citing a recent study conducted by the OKX team to assess changes in customer needs, Sacamone observed that around 92% of Brazilians demanded clear and transparent information on crypto investments.
Suitability of Brazil’s Crypto Market
The study indicated that 86% were optimistic that the proof-of-reserves (PoRs) have massive potential in promoting the legitimacy and maturity of the crypto industry. Based on the need of the Brazillian customers manager affirmed that the expansion of OKX to the region will support the crypto community in the region to attain the desired level of success.
Sacamone highlighted that the OKX team would offer the Brazillian an industry-leading platform to trade hundreds of tokens and enjoy other crypto features, such as staking.
He added that the OKX supports financial inclusivity by offering a unique wallet supported by Multi-Party Computation (MPC) and Account Abstraction (AA) technologies which can be used by the technophobic population.
In a separate statement, the president of OKX, Hong Fang, confirmed the expansion of the crypto exchange to the Brazilian market. The executive stated that Brazil has the largest market size for crypto in Latin America. Fang anticipates that the expansion to Brazil will support the growth of Web3 and crypto adoption.
Brazil Witness Fierce Competition in the Crypto Industry
Lately, the attractiveness of the Brazilian crypto market has inspired fast-paced crypto and fintech companies to flock to the region. According to Chainalysis, Brazil’s crypto market ranks ninth with the highest crypto adoption globally.
The exciting growth of the Brazilian crypto market challenges best-performing crypto exchanges such as Bybit, eToro, Binance, and Mercado Bitcoin to establish a strong footprint in the region. The significant entrance of these crypto exchanges has supported an increase in DeFi activities.
Consecutively year-over-year, Brazil has witnessed astonishing growth in the adoption of dollar-pegged stablecoins such as Tether (USDT). A recent Brazilian Federal Revenue Department study demonstrated that USDT constituted approximately 80% of crypto transactions.
Commenting on the growth of the Brazilian crypto market, the chief executive of Coinext, Jose Ribeiro, stated that the current regulatory environment has triggered fierce competition in the digital sector.
Addressing the Web3 Summit in Lisbon, the CEO described crypto as old-fashioned fashion that has attracted new customers to the Web3 sector. The Bitcoin maximalist envisages that with the growing adoption of crypto in Brazil, will hedge the biting inflation rates from next year.
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