OKX, a leading global cryptocurrency exchange and Web3 service provider, has expanded its offerings in Brazil, unveiling a dedicated local exchange and Web3 wallet platform. This strategic move aligns with Brazil's rising prominence in the competitive crypto landscape. The company aims to serve as a gateway to decentralized finance (DeFi) and crypto trading, emphasizing the provision of Brazilian real fiat-on-ramp capabilities.
Guilherme Sacamone, OKX Brazil's General Manager, expressed confidence in Brazil's "enormous potential" for crypto adoption and DeFi, highlighting the demand for fast, liquid trading and secure self-custody wallet solutions among Brazilian users. Addressing concerns about investment security, a recent survey revealed that 92% of Brazilian respondents seek clear and transparent information, with 86% recognizing the positive impact of proof-of-reserves on crypto market legitimacy.
In collaboration with Brazil's crypto community, OKX aims to meet these expectations, acknowledging the country's pivotal role in Latin America's crypto landscape. Chainalysis data from 2023 positions Brazil as one of the largest cryptocurrency markets in the region, securing the ninth spot in global crypto adoption. Notable exchanges already catering to Brazilian users include eToro, Bybit, Kraken, Mercado Bitcoin, and Binance.
Brazil leads the region in decentralized exchange and DeFi-related activities, reflecting the country's growing crypto maturity. Tether (USDT) has witnessed substantial adoption, constituting 80% of all crypto transactions, as reported by the country's revenue service agency. According to José Ribeiro, CEO of Coinext, Brazil's crypto regulatory environment has fueled competitiveness, contributing to a significant uptick in adoption.
As part of a global commitment, Brazil joins 47 countries, pledging to authorize the Crypto-Asset Reporting Framework by 2027 in collaboration with the Organisation for Economic Cooperation and Development. OKX's strategic expansion positions it as a key player in Brazil's evolving crypto landscape, poised to offer a seamless and secure crypto experience for the local community.
