Mercado Bitcoin Obtains Payment Institution in Brazil

Alan Sayer
June 5, 2023 11:31 am

Last week it was reported that Mercado Bitcoin, Brazil’s largest cryptocurrency exchange, had been licensed as a payment institution by the Brazilian central bank, according to a report by financial news publication Valor Economico.

As a result, Mercado Bitcoin now has the status of an electronic money issuer and is now authorised to operate as a payment institution. The crypto exchange already runs digital account company MB Pay, where users can purchase cryptocurrencies and invest in digital fixed income and different asset classes. The new license will allow the company to enhance its offerings under MB Pay.

Roberto Dagnoni, CEO of Mercado Bitcoin, was quoted as stating:

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.

The license also means the company can now offer digital banking services to its customers using held crypto assets. Moreover, there are also said to be plans for the exchange to establish a debit card with a crypto off-ramp offering.

Mercado Bitcoin is a leading crypto exchange in the South American country, with more than 3 million customers and over $5 billion in trading volume. The company is part of 2TM Group, which owns other platforms in the digital asset space, such as Bitrust and Meubank.

However, there are various cryptocurrency exchanges and platforms operating in Brazil, all aiming to grab a large share of the vibrant crypto market. Some of the other platforms have also gained payment provider licenses from the central bank.

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Having gained a degree in economics, Alan entered the world of financial services starting his career in London and then moving to New York for a number of years. His first post at a City bank saw him establish a reputation as an forex trader. Having recently returned from New York after eight successful years, Alan is now a prosperous trader in his own right concentrating on commodities and forex.
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