Financial and Business News

Brazil's Largest Crypto Exchange Gains Payments License

Monday, 05/06/2023 | 05:49 GMT by Arnab Shome
  • The exchange will enhance its fintech offering with the new license.
  • It plans to offer a debit card in the coming months.
fintech in braziil is skyrocketing

Mercado Bitcoin, the largest cryptocurrency exchange in Brazil, received a payment institution license from the country's central bank late last week, local media Valor Economico reported. It will enable the crypto exchange to operate as a payment institution under the status of an electronic money issuer.

Mercado Bitcoin Becomes a Licensed Payments Provider

Under the new license, the Brazilian crypto exchange will enhance its fintech offerings under MB Pay. It can provide Brazilian users with digital banking services using held crypto assets, including digital fixed-income investments, staking, and other financial transactions. Additionally, the exchange is planning to launch a debit card with a crypto off-ramp offering.

"The central bank's approval is an important step, as it allows us to continue with our business expansion plans to offer an even more complete experience to our customers," said the CEO of Mercado Bitcoin, Roberto Dagnoni.

Demand for Crypto In Brazil Is Growing

Mercado Bitcoin, established in 2013 and owned by 2TM Group, is the largest Brazilian cryptocurrency exchange in terms of trading volume. The platform has more than 3.7 million customers and handled over $50 billion in trading volume since its inception, as seen on the exchange's website.

The exchange already offers digital fixed-income instruments with interest as high as 16 percent per annum. Previously, the exchange planned to expand its fintech services in 2021, but those plans were delayed due to regulatory procedures.

Brazil, with a population of over 214 million, is a major cryptocurrency market. The increasing demand for digital assets even pushed global crypto exchanges to enter the Latin American country. Apart from Mercado Bitcoin, other crypto exchanges holding the Brazilian payments license are Crypto.com and Bitso. American giant Coinbase is expanding Brazilian operations and partnered with a local payments provider in March to offer deposits and withdrawals in the local currency.

Brokeree, Advance Markets partner; illegal brokers; read today's news nuggets.

Mercado Bitcoin, the largest cryptocurrency exchange in Brazil, received a payment institution license from the country's central bank late last week, local media Valor Economico reported. It will enable the crypto exchange to operate as a payment institution under the status of an electronic money issuer.

Mercado Bitcoin Becomes a Licensed Payments Provider

Under the new license, the Brazilian crypto exchange will enhance its fintech offerings under MB Pay. It can provide Brazilian users with digital banking services using held crypto assets, including digital fixed-income investments, staking, and other financial transactions. Additionally, the exchange is planning to launch a debit card with a crypto off-ramp offering.

"The central bank's approval is an important step, as it allows us to continue with our business expansion plans to offer an even more complete experience to our customers," said the CEO of Mercado Bitcoin, Roberto Dagnoni.

Demand for Crypto In Brazil Is Growing

Mercado Bitcoin, established in 2013 and owned by 2TM Group, is the largest Brazilian cryptocurrency exchange in terms of trading volume. The platform has more than 3.7 million customers and handled over $50 billion in trading volume since its inception, as seen on the exchange's website.

The exchange already offers digital fixed-income instruments with interest as high as 16 percent per annum. Previously, the exchange planned to expand its fintech services in 2021, but those plans were delayed due to regulatory procedures.

Brazil, with a population of over 214 million, is a major cryptocurrency market. The increasing demand for digital assets even pushed global crypto exchanges to enter the Latin American country. Apart from Mercado Bitcoin, other crypto exchanges holding the Brazilian payments license are Crypto.com and Bitso. American giant Coinbase is expanding Brazilian operations and partnered with a local payments provider in March to offer deposits and withdrawals in the local currency.

Brokeree, Advance Markets partner; illegal brokers; read today's news nuggets.

Topics
cryptocurency
brazil
About the Author: Arnab Shome
Arnab Shome
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Arnab Shome is an electronics engineer-turned-financial editor. He holds a Bachelor of Technology from the National Institute of Technology, Agartala. He entered the retail trading industry about a decade ago, covering the cryptocurrency market for Finance Magnates, and later expanded his coverage to include forex and CFDs as well. His work at Finance Magnates includes C-level interviews, data-driven analysis, opinion pieces, and scoops of industry exclusives. He also contributes to Finance Magnates’ quarterly industry report. Area of coverage: 1. CFD broker-related news 2. Industry-related Regulatory updates and developments 3. New retail trading trends 4. Prop trading industry updates 5. Executive interviews Education: Bachelor of Technology - National Institute of Technology, Agartala (India)

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