Coinbase Eyes Expansion in Brazil with New Partnerships
- Crypto exchange Coinbase announced its partnership with Brazilian companies Ebanx and Pix to expand its services in the region.
- The partnership with Pix, a payment app managed by the Central Bank of Brazil, will allow easy top-ups and withdrawals from the exchange.
- The exchange also introduced 24/7 chat support along with the interaction of Brazilian Portuguese into the application.
- Coinbase said that it has also made it easier for new users to onboard the crypto exchange as a part of its international expansion plans.
The largest crypto exchange in the United States and one of the largest in the world by trading volume, Coinbase, remains consistent with its attempts to expand its services outside America and increase the trading volume on its platform. Interestingly, the company has announced that it will expand its services in Brazil and has partnered with Brazilian payment solutions provider Ebanx and the instant payment app operated by the Central Bank of Brazil, Pix.
The partnerships with Pix and Ebanx will allow consumers in Brazil to easily buy and sell cryptocurrencies via Brazilian reals and also, top-up their accounts with the same. Additionally, according to a March 21 post from Coinbase, the Country Director, Fabio Plein, will expand his role as Regional Managing Director and oversee the development of the exchange’s interest in Brazil.
Due to its partnership with Pix, customers will be able to deposit and withdraw Brazilian reals with no additional effort. The company has also made it easier for new users to interact with the platform, which has smoothed out the onboarding process. Moreover, Coinbase also confirmed the introduction of 24/7 chat support to help its users, along with the integration of support for Brazilian Portuguese into the application.
“We expanded Fabio Plein’s role as Regional Managing Director Americas, in addition to his current role as Country Director for Brazil, further strengthening our commitment to the country and the region. Fabio possesses a vast amount of experience and knowledge from both the financial and consumer technology industries, making him a valuable member of the Coinbase team,” said the crypto exchange in a blog post.
As per the announcement made on March 21, Coinbase wants “to make it even easier for people in Brazil to access the cryptoeconomy and benefit from financial freedom.” The first publicly listed crypto exchange in the US confirmed that it has been present in Brazil since 2021, and by June 2022, it had 40 employees from the region.
Interestingly, the exchange plans to expand its services outside the US, and this announcement was part of the company’s plan. Coinbase aims to establish an exchange outside of the US.
According to a report from BitcoinWisdom, a spokesperson wrote in an email that the company’s international expansion drive will “focus on high-bar regulatory jurisdictions.” This seems like an attempt to compete with the world’s largest crypto exchange, Binance, which has dominated crypto activities in other regions of the world.
As per an earlier report, the President of Brazil, Jair Bolsonaro, officially signed off on the national crypto law in December 2022, which includes principles governing the trading and investment in Bitcoin (BTC). The law will go into effect in June and defines a virtual asset as “a digital representation of value that can be negotiated or transferred electronically and used for payments or as an investment.”
To improve its services, Coinbase also announced recently that it used AI chatbot ChatGPT to conduct token security tests on 20 smart contracts to determine the chatbot’s accuracy and compare it with manual review. It was concluded that ChatGPT can be used along with manual review for additional accuracy but the AI chatbot cannot replace manual methods.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
