- Coinbase has announced partnerships with Brazil-based payment solutions provider Ebanx and the Central Bank of Brazil’s instant payment app, Pix.
- The new deals will make it easier for customers to purchase crypto using the Brazilian real, as well as enable deposits and withdrawals from Coinbase accounts in real.
- Brazil is also gradually developing a regulatory framework for cryptocurrencies.
Coinbase Expands Services in Brazil
The United States-based exchange Coinbase recently announced partnerships with two local services in Brazil–payment solutions provider Ebanx and the popular instant payment app operated by the Central Bank of Brazil, Pix. These new deals will expand Coinbase’s services in the country, making it easier to buy crypto using the Brazilian real, as well as enabling deposits and withdrawals from Coinbase accounts in real. This comes on top of a recent deal between Binance and Mastercard to launch a prepaid crypto card in the country.
Expanded Customer Support
By partnering with these local services, Coinbase will be able to provide better customer service with round-the-clock support available in Portuguese. It has also made onboarding into its platform easier for Brazilian customers. The company has had a presence in Brazil since 2021 when it first established its tech hub there. By June 2022, it had 40 employees stationed there and started offering its services to the public.
Crypto Regulation Developing
Brazil is currently developing regulatory frameworks for cryptocurrencies which is expected to come into force by June this year. In September last year, the Brazilian Securities and Exchange Commission (SEC) proposed changes to this legislation due to uncertainty about whether crypto was a security or digital asset. Since then, it has passed both houses of parliament before being signed into law last December.
Pix Non-Blockchain Payment System
One of the partners that Coinbase has partnered up with is Pix –a non-blockchain service established back in 2020—which helps facilitate payments via text messages or QR codes without needing any additional information such as bank account numbers or credit cards details from either party involved in a transaction. It is one of many digital payment solutions that have been adopted by Brazilians due largely to its ease of use and convenience compared to traditional banking methods.