Cryptocurrency exchange OKX has announced the launch of its services to users in Brazil through a dedicated local exchange and Web3 wallet. The move comes as the South American nation continues to post staggering growth in crypto adoption and cements itself as one of the most promising emerging blockchain markets globally.
In an announcement on November 27th, OKX highlighted Brazil’s potential to lead cryptocurrency and decentralized finance innovation going forward.
Guilherme Sacamone, General Manager of OKX Brazil, stated that Brazilians have a strong appetite for fast, liquid crypto trading paired with secure self-custody solutions, both of which will be cornerstones of the new offering.
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OKX’s expansion is part of surging crypto interest in Brazil
The company’s expansion is timed to capture surging interest in digital assets across Brazil. Recent surveys have found over 90% of locals want transparent information regarding the security of their investments, while 86% believe mandatory proof-of-reserves from exchanges can improve market trust.
While Brazilians have no shortage of global trading platforms to access, like Binance and Kraken, OKX is betting its new localized gateway can become the exchange of choice for Brazilian retail and institutional traders alike.
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Regulatory support has also been ramping up, with Brazil, among just two South American countries, pledging to authorize the OECD’s landmark Crypto-Asset Reporting Framework by 2027. According to José Ribeiro, CEO of Brazilian crypto exchange Coinext, progressive policies from lawmakers are significantly increasing competitiveness within the industry.