Coinbase Expands to Latin America with Brazil Payment System

Coinbase is the newest major crypto exchange to join the Brazil market, eager to compete with other established heavyweights like as Binance, Mercado Pago, and Nubank, who have been operating in Brazil for years and have a big user base.

The company’s mission, according to the release, is to make cryptocurrencies available to all Brazilians while maintaining the protection of its clients’ funds.

Coinbase claimed that it is integrating with Brazil’s quick payment system, “Pix,” which, according to the Brazilian Federation of Banks, has been the most commonly utilized by its inhabitants (Febraban).

“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.”

Coinbase’s major goal is to provide financial independence to even more Brazilians through the cryptoeconomy. To accomplish this aim, Fabio Plein, the exchange’s Country Director, will expand his responsibilities as Regional Managing Director to strengthen the firm’s partnerships in Brazil and Latin America.

Coinbase Partners With Brazil Pix Payment System

Pix is a payment mechanism that provides a user experience comparable to that of a bitcoin transaction. Individuals may transmit money instantaneously and without costs by scanning a QR code or receiving a “key” from the receiver.

Furthermore, Coinbase collaborated with EBANX Payments, a fintech startup focused on assisting global merchants in exponential growth through its payment solution, which allows businesses globally to deal safely with Latin Americans. EBANX currently handles payments for prominent merchants in over 50 countries, including the United States and China.

Similarly, Coinbase stated that its trading interface would be fully translated into Brazilian Portuguese in order to improve the user experience. They will also provide chat help in the native tongue, which will be available 24 hours a day.