Coinbase Expands in Brazil, Allows Crypto Purchases With Brazilian Reals
Previously, the exchange's users in Brazil could purchase crypto only with a credit card.
Mar 21, 2023 at 2:30 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/DIKWOKOYURDEXFV77RBCBQ6GEU.jpg)
Coinbase has expanded in Brazil. (Getty Images)
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.
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Andrés Engler is a CoinDesk editor based in Argentina, where he covers the Latin American crypto ecosystem. He holds BTC and ETH.
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