U.S.-based crypto exchange Coinbase (COIN) has integrated the Brazilian government’s payment system Pix and started allowing crypto purchases with Brazilian reals, the company said Tuesday.
The tie-in with Pix – which has more than 140 million users – was enabled through a partnership with Ebanx, a Brazilian end-to-end payment processor. In addition to making local currency purchases, customers will also be able to withdraw Brazilian reals.
In addition, Coinbase said its app is fully available in Portuguese and has enabled 24-hour support.
In 2021, Coinbase opened a technology hub in Brazil, where it hired more than 40 full-time engineers and eventually a country director. Until now, though, Coinbase users in Brazil could purchase crypto only with a credit card.
“Brazil is a key market for Coinbase's international expansion strategy. We are committed to investing in and developing products tailored to the needs of the Brazilian market, as we recognize the immense potential and growth opportunities in the region,” Nana Murugesan, vice president of international at Coinbase, said in a statement.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.