Brazil: entering the new cryptocurrency market | CoinCasso Exchange
Brazil: entering the new cryptocurrency market

The largest country in Latin America, Brazil is famous for its carnival festivals, football players, and Amazon rainforests. But what about technologies? Here’s where Brazil can surprise you even more than with its colourful festival costumes. 

CoinCasso is entering the Brazilian market to make easy and seamless crypto payments available to locals. And, in today’s article, we’re discussing the peculiarities of the Brazilian cryptocurrency market and what our company can offer the local users. 

Brazil: economic overview

Let’s check some facts and numbers that will help you to look at Brazil from another side:

  • With the negative GDP growth rate in 2020 (-3.88%), this indicator recovered to 4.62%, already in 2021
  • Despite the increasing inflation (8.30% in 2021), the economic growth for the same year was $1,608.98B, an 11.07% increase from 2020.
  • The poverty rate in 2018 and 2019 was almost 21% but already in 2020, only 13% of the population was living on less than $5.50 per day. 

With the aforementioned numbers, Brazil is widely known as a country of contrasts. Especially because 16.1% of its population own any form of cryptocurrency. This is the 5th biggest indicator in the world after South Africa, Thailand, Indonesia, and Vietnam. 

With a quite unfavourable economic situation in the country, no wonder that Brazilians are trying to gain the desired economic freedom using crypto – the digital asset of the 21st century. 

Cryptocurrency in Brazil

As we’ve already mentioned before, approximately 35 million people in this country hold some crypto. With an unstable economy, more and more locals decide to invest in сryptocurrencies to improve their financial situation.

And, what makes Brazil so unique and attractive, is that the government is responding to the huge interest in crypto. In April this year, Brazil’s Senate passed the bill governing cryptocurrencies also known as the “Bitcoin Law”. This document should lay the foundations for building a regulatory framework for mining and trading crypto in the country. The bill is now to be approved by the ​​Chamber of Deputies and later on by the President. All these factors combined, make Brazil a unique country with a huge potential for the development of the cryptocurrency industry.

CoinCasso x FacilitaPay
CoinCasso x FacilitaPay

CoinCasso x FacilitaPay

One of the major goals of the CoinCasso team is mass crypto adoption. That is why we’re now entering the Brazilian market to satisfy the local demand for secure and simple crypto transactions. CoinCasso believes that with its developing economy, this country opens numerous possibilities for both company owners and investors. What is more, with the massive crypto expansion, more Brazilian people will have access to cryptocurrency trading.

As the biggest country in Latin America, Brazil will likely set the trend of crypto adoption for other countries in the region. CoinCasso teams up with FacilitaPay – a local payment provider for a smooth appearance on the Brazilian market. CoinCasso signed a contract with FacilitaPay at the end of July to introduce effortless and secure crypto investments in the country.

We’ve chosen our new payment provider based on their large experience in the financial industry in Brazil and Latin America. They’ve been building payment solutions for different foreign companies for the past 5 years, including Kraken, Stake, Wyre, and others. 

FacilitaPay will help CoinCasso to accept numerous payment methods from users with just one integration. This provider enables users to collect and make payments in different cryptocurrencies. This will be our first step to creating a one-stop shop for all kinds of crypto transactions in Brazil. On the CoinCasso exchange platform, our new users from Brazil will be able to open and manage their BRL-denominated deposit accounts to make BRL, USD, or crypto deposits. In addition, they will be able to make withdrawals and deposits by using Boleto Bancário among other payment methods.  

Many people associate cryptocurrencies with money laundering but Brazil, despite the popularization and adoption of crypto, keeps up with the AML procedures and protocols. With our new partner FacilitaPay, CoinCasso brings in protected crypto trading to Brazil, in particular, due to the KYC and 2FA procedures implemented on our exchange. CoinCasso verifies each user’s identity to eliminate the risks. We’re constantly improving our platform by using the latest technologies to guarantee a safe trading experience even for newbies. 

Undoubtedly, as CoinCasso is growing, we will be expanding the range of our services in both Europe and Latin America already in the near future. We’re very excited to start working in Brazil and encourage our local users to explore the crypto world. CoinCasso’s hoping to not only improve the cryptocurrency landscape in the country but also bring about positive changes for both the local economy and society. Ola, Brasil!  

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