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The KuCoin cryptocurrency exchange has connected support for the Brazilian state-backed PIX financial gateway.
This became possible after entering into a partnership agreement with local company Capitual. The connection will allow users to carry out operations with the Brazilian Real (BRL) through the platform and take advantage of other related services.
Brazilian financial gateway Capitual will be providing KuCoin with the possibility of leveraging its support for the government-backed national PIX gateway. Such a development comes in light of the decision of the country’s Central Bank to update requirements regarding compliance with Know Your Customer (KYC) procedures across all crypto platforms. The KuCoin exchange, dubbed the “People’s Exchange”, for its convenience and user-oriented approach, intends to expand its support for Brazilian investors by connecting the new gateway and making BRL operations available.
The recent adoption of a row of new legislations regarding KYC procedures by the Brazilian Central Bank has forced all major platforms in decentralized space to review their approaches to handling user IDs. The crypto platforms that cannot or refuse to follow the new state requirements will be forced to terminate their operations in Brazil.
The KuCoin exchange is continuing to move forward with its penetration of the Brazilian market of digital assets after successfully attracting the first batch of active users. Various promotional activities and giveaways, such as the recently announced airdrop event, are among the approaches the exchange is resorting to in its efforts to solidify its leading positions on the local market. As evidenced by the exchange’s traction in audience terms, which has surpassed the 10 million mark in late 2021, KuCoin is intent on providing greater value and market accessibility to users of all types to retain its positioning.
KuCoin has also recently conducted in-depth analysis of the crypto market in Brazil in its Into The Cryptoverse Brazil survey. The latter took into account over 34.5 million of the country’s population. The research indicated that 26% of the respondents are interested in cryptocurrencies, 64% of which are ongoing investors in various digital assets, and 21% are considering entering the market.