The global cryptocurrency exchange and Web3 service provider launched a local exchange and Web3 wallet in Brazil as the country continues its competitive crypto streak.
Cryptocurrency 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.
“We know that Brazilians expect fast and liquid trading, along with a secure self-custody wallet solution, all in one app.”
OKX cites a recent survey that found that 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 DEX and other DeFi-related activity.
Over the last year, the country has seen a particular uptick in adoption of the stablecoin Tether (USDT), which made up 80% of all crypto transactions, according to the country’s revenue service agency.
Recently, the CEO of crypto exchange Coinext, José Ribeiro spoke with Cointelegraph in an interview, saying that Brazil’s crypto regulatory environment is driving “competitiveness,” which he says has increased “incredibly.”
Brazil also became one of 47 countries – and one of only two South American countries – to have pledged recently to authorize the Crypto-Asset Reporting Framework (CARF) by 2027 in cooperation with the Organisation for Economic Cooperation and Development (OECD).
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