The San Francisco-based cryptocurrency exchange, Coinbase, has partnered with Pix, Brazil’s leading electronic payment system. This move has, in turn, expanded the exchange services to the South American country.

This partnership will allow Coinbase users in Brazil to instantly deposit and withdraw Brazilian reais (BRL) using Pix. The app is a fast and secure payment system launched by the Central Bank of Brazil in November 2020.

Pix has quickly become the preferred payment method for millions of Brazilians due to its convenience, speed, and low transaction fees.

In 2021, Coinbase initiated its engagement with Brazil by creating a regional technology hub. In addition, its investment wing, Coinbase Ventures, has been actively involved in various ventures throughout Latin America, which includes backing for Hashdex, a crypto asset management firm in Brazil, and Ledn, a financial services platform based on cryptocurrencies.

According to a report from Bloomberg, the exchange is also in the pipeline to create a platform outside the U.S. allowing users to trade digital tokens. This move came at the time when central banks, including Silvergate Bank, Signature Bank, and Silicon Valley Bank, shut down their operations. 

Coinbase is one of the world’s largest cryptocurrency exchanges, with over 110 million registered users in more than 100 countries. Its expansion into Brazil marks a significant milestone in its global growth strategy.

The exchange announced on February 23, 2023, that it made a move that’ll ease the development and accessibility of decentralized apps (dApps). Coinbase aimed to achieve this objective through a layer-2 network called “Base.”

The exchange’s layer-2 project will run on Ethereum, and at the time of writing, the project is still in the testing phase. Additionally, the partnership between Coinbase and Pix will help accelerate the adoption of cryptocurrencies in Brazil. The country is already known for growing interest in Bitcoin and other digital assets.

The company’s platform offers a wide range of cryptocurrency trading pairs, including Bitcoin, Ethereum, Cardano, and Litecoin, so the citizens will hardly lack trading options. The Crypto exchange has recorded significant growth on the price chart.

A report from Fortune shows that the COIN share price soared by over 50% in the previous two weeks. The partnership with Pix is one of the latest moves by Coinbase to expand its services globally. In 2021, the company also launched in Japan and Germany, and expanded its presence in the UK and Canada.

Featured image from CNBC and chart from Tradingview.com

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