Coinbase teams up with Brazilian central bank’s Pix to offer expanded services

Coinbase teams up with Brazilian central bank’s Pix to offer expanded services

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Coinbase is expanding its services in Brazil through partnerships with local services, the company Announced March 21st. 24-hour customer support in Portuguese and easier onboarding are among its updates.

Coinbase has signed agreements with Brazilian payment solutions provider Ebanx and Pix, the instant payment app operated by the Central Bank of Brazil. The new partnerships will make it easier to buy cryptocurrencies with Brazilian reais, and will allow deposits and withdrawals from Coinbase accounts in reais. Brazilians will also have easier access to open a Coinbase account.

Coinbase has had a presence in Brazil since 2021, when it established a technology center there, according to its statement. He had 40 employees there by June 2022, when it announced the launch of services for the Brazilian public.

Its current Brazilian updates are part of a broader international expansion, the company saying. It is also allegedly plans to set up an exchange platform outside of the United States.

Brazil has the highest level of the adoption of digital payments in Latin America. Coinbase’s Brazilian expansion comes on the heels of a January deal between Binance and Mastercard to launch a prepaid crypto card in the country.

Related: The Brazilian Version of Cointelegraph Reveals the Top 10 People in Crypto and Blockchain

A regulatory framework for cryptocurrencies is gradually emerging in Brazil. The Brazilian Securities and Exchange Commission sought changes to proposed cryptocurrency regulation in September, allegedly due to uncertainty about whether cryptocurrencies are a security or a digital asset. That legislation has approved by both chambers of the Brazilian Parliament and became law in December. It is expected to enter into force in June 2023.

photo it is a non-blockchain service established in 2020. All financial and payment services authorized by the central bank of Brazil are required to provide Image transfers. He already has integrations with OKEx, Crypto.com and LocalBitcoins.