OKX launches crypto exchange, wallet services in Brazil
cointelegraph.comCryptocurrency 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 (DeFi) and crypto trading with Brazilian real fiat-on ramp capabilities.
Guilherme Sacamone, the general manager of OKX Brazil, commented that 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.
Cointelegraph has reached out to OKX for additional information on its Brazilian expansion but has not yet received a response.
Related: Latin America takes global lead in preference for centralized exchanges: Report
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 (USDT), which accounted for 80% of all crypto transactions, according to the country’s revenue service agency.
Recently, José Ribeiro, the CEO of crypto exchange Coinext, spoke with Cointelegraph in an
Read more on cointelegraph.com
