- Coinbase partners with Ebanx to integrate Pix as it expands into Brazil.
- The US-based crypto company will now allow crypto purchases and withdrawals in Brazilian reals.
- Coinbase App will now be available in Portuguese offering users with 24-hour customer support.
Coinbase, the largest crypto exchange in the United States, has announced its expansion to Brazil and begun accepting crypto purchases in Brazilian reals, according to a Tuesday announcement. The crypto firm has integrated Pix, the Brazilian government’s digital payment system, through a collaboration with Ebanx, a Brazilian end-to-end payment processor.
In addition to making crypto purchases using the local currency, customers can withdraw Brazilian reals. Moreover, the Coinbase app is now fully available in Brazilian Portuguese and will offer users round-the-clock support.
Coinbase Focuses On The Expansive Brazilian Market
According to the company’s blog statement, Coinbase is “dedicated to making it easy for anyone around the world to access the crypto economy and enjoy financial freedom.” To achieve this, the San Francisco-based crypto firm has embarked on an international expansion strategy christened “Go Broad, Go, Deep,” operationalized in an 8-week International sprint across six continents.
Part of this strategy was “launching new products and services,… or strengthening our presence across a wide range of international markets” and getting into “specific partnerships with the key financial sector, tech, and telco partners,” according to the March 8 statement.
Therefore, recognizing that “The Central Bank of Brazil has announced plans to leverage its Pix payment system to encourage banks to hold digital assets,” Coinbase has moved in to partner with the government on this, increasing its presence in the South American country.
An excerpt from the company’s statement read:
“First, we’ve made it simple for you to top up and withdraw money from your Coinbase account using Brazilian Real, thanks to our integration with Pix, a well-known instant payment platform created and managed by the Central Bank of Brazil.”
Coibase added that it had also customized its “app to be fully localized in Brazilian Portuguese, with 24/7 chat support always available to assist” customers. The crypto trading platform also said it had streamlined its onboarding process, “making it easier than ever to get started with Coinbase.” The statement further added:
“Our company has a rich history of prioritizing safety and trust in the crypto space, and this is reflected in our partnership with Ebanx, a top payment solutions provider in Brazil. We are committed to working with innovators to expand access to the crypto economy and web3, to bring these benefits to even more Brazilians.”
Speaking about this move, Coinbase Vice President of International and Business Development Nana Murugesan said in a statement:
“While we are enhancing our product offerings today, we have a strong history in Brazil. We established a technology hub in the country in 2021, with engineering talent developing crypto and Web3 technologies using Brazilian expertise for Brazil and beyond.”
Murugesan added that Coinbase Ventures, the Coinbase investment arm, has been focusing on Brazil by investing in the country’s crypto companies, such as Hashdex and Ledn.
Coinbase says that the latest development is aimed at making it “even easier for people in Brazil to access the crypto economy and benefit from financial freedom.”
Following the news, Coinbase’s COIN stock spiked 12%, peaking at $84.79 on Tuesday. It now stands at $83.99, 11.5% on the day at press time.
