OKX says it’s “committing to Brazil’s crypto community” after launching a range of new services in the country including a Web3 wallet platform and a feature-rich local exchange. OKX general manager, Guilherme Sacamone, said it decided to go beyond a basic offering in Brazil after spotting its “enormous potential” to usher in a new age for decentralised finance (DeFI).
OKX “committing” to Brazil with local crypto exchange launch
Customers in Brazil will now be able to access OKX’s leading crypto spot and derivatives exchange. Sacamone noted:
We know that Brazilians expect fast and liquid trading, along with a secure self-custody wallet solution, all in one app.
The local exchange is likely to be popular with traders in the region; research by Chainalysis found it’s a hotspot for crypto activity and is in the top ten for overall adoption rates globally. OKX acted on that demand and the fact that Brazilians crave “clear and transparent information” when buying into assets.
OKX is not the first to enter the Brazilian market though. It faces stiff competition with Binance, eToro and Bybit among its local rivals. The good news is that Brazil is a hub for both new and established cryptocurrencies. The stablecoin, Tether, for example, has been widely traded this year and makes up 80% of all crypto transactions in 2023.
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A thriving regulatory environment has boosted the crypto market in Brazil this year according to Coinex CEO, Jose Ribeiro. Meanwhile, OKX continues its expansion plans by entering the country just days after it applied for a licence in Hong Kong.
