Cryptocurrency exchange and Web3 developer OKX announced the expansion of its services for users in the Brazilian market with a local crypto exchange and Web3 wallet platform.
On Nov. 27, the company said it is focusing on providing a gateway to decentralized finance and crypto trading with Brazilian real fiat-on ramp capabilities.
Guilherme Sacamone, the general manager of OKX Brazil, said the Brazilian market has enormous potential to lead in crypto adoption and DeFi.
OKX cites a recent survey that found 92% of Brazilian respondents want “clear and transparent information” about their investment security. The study also showed that 86% agreed that proof-of-reserves can make a positive impact on cryptocurrency market legitimacy and maturity.
According to data from Chainalysis, in 2023, Brazil was one of the largest cryptocurrency markets in Latin America, alongside Argentina and Mexico. The data puts Brazil in ninth place for overall global crypto adoption.
Some of the exchanges currently available to users in the Brazilian market include eToro, Bybit, Kraken, Mercado Bitcoin and Binance. Data also shows Brazil leads the region in decentralized exchange and other DeFi-related activity.
Over the last year, the country has seen a particular uptick in adoption of the stablecoin Tether which accounted for 80% of all crypto transactions, according to the country’s revenue service agency.
Brazil is one of 47 countries — and one of only two South American countries — pledging to authorize the Crypto-Asset Reporting Framework by 2027 in cooperation with the Organisation for Economic Cooperation and Development.
