Coinbase is expanding its services in Brazil through partnerships with local services, the company announced March 21. Round-the-clock customer support in Portuguese and easier onboarding are among its upgrades.
Coinbase has inked deals 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 purchase crypto using the Brazilian real, as well as enable deposits and withdrawals from Coinbase accounts in real. Brazilians will also have easier access to opening a Coinbase account.
Coinbase has had a presence in Brazil since 2021, when it established a tech hub there, according to its statement. It had 40 employees there by June 2022, when it announced the launching of services for the Brazilian public.
Brazil has the highest level of digital payment adoption in Latin America. Coinbase’s Brazilian expansion comes on the heels of a deal made in January between Binance and Mastercard to launch a prepaid crypto card in the country.
A regulatory framework for crypto is gradually emerging in Brazil. The Brazilian Securities and Exchange Commission sought changes to proposed cryptocurrency regulation in September, reportedly because of uncertainty about whether crypto is a security or digital asset. That legislation has passed both houses of the Brazilian parliament, was signed into law in December and is expected to come into force in June.
Pix is a non-blockchain service established in 2020. All financial and payment services licensed by the Brazilian central bank are required to facilitate Pix transfers. It already has integrations with OKEx, Crypto.com and LocalBitcoins.