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- The exchange is concentrating on offering a Brazilian real fiat-on-ramp gateway to users.
- OKX will be launching a local cryptocurrency exchange and Web3 wallet platform.
Crypto exchange OKX recently announced that it will be expanding its offerings in Brazil by launching a local cryptocurrency exchange and Web3 wallet platform. The organization announced on November 27 that it is concentrating on offering a Brazilian real fiat-on-ramp gateway to cryptocurrency trading and DeFi.
OKX Brazil’s general manager Guilherme Sacamone recently said that the country’s market has “enormous potential” to be a pioneer in embracing crypto and DeFi.
Strategic Expansion
The vast majority of Brazilian investors (92%) desire “clear and transparent information” regarding their investments, according to a poll cited by OKX. In addition, 86% of respondents believed that proof-of-reserves (PoR) had the potential to positively affect the credibility and stability of the crypto market.
Chainalysis reports that by 2023, Brazil had become one of Latin America’s three major cryptocurrency marketplaces, along with Argentina and Mexico. The research puts Brazil in ninth position for total global crypto usage.
According to the available data, Brazil also has the most DeFi-related engagement and is the regional leader in decentralized exchange. Stablecoin Tether (USDT) has witnessed significant growth in popularity over the last year, and was used in 80% of all cryptocurrency transactions in the nation, according to the revenue service agency.
Moreover, the Brazilian government announced in the month of October that its national identity program will use blockchain technology. Three states (Rio de Janeiro, Goias, and Parana) will be the pilot locations for this initiative. These areas are now preparing to implement a system for issuing identification documents using blockchain technology.
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