KuCoin has leveraged on Pix to enter into Brazil, offering residents access to 50 cryptocurrencies.
By Godfrey Benjamin
Editor Hamza Tariq
Updated
2 mins read
Top cryptocurrency exchange KuCoin has announced its entry into Brazil through an integration with Pix.
Pix is an instant payment platform created and managed by the monetary authority, the Central Bank of Brazil (BCB).
With this move, Brazilians can now spend up to 50 cryptocurrencies at merchants that accept Pix QR codes.
On November 21, the trading platform announced that KuCoin Pay, its crypto payment arm, has officially integrated with Pix.
The latest move provides millions of Brazilians with access to a full stash of cryptocurrencies. Residents of the country will be able to convert and spend over 50 crypto assets at any merchant accepting Pix QR codes.
The deal will leverage Pix’s widespread adoption. This will bridge the gap between digital assets and everyday usage.
Raymond Ngai, KuCoin Pay Lead noted that the development “embodies our commitment to enhance crypto accessibility for all, building on our previously announced on-chain payment solutions as a new step forward in making digital assets practical for everyday life.”
The exchange is capitalizing on the nation’s burgeoning crypto adoption. About 26 million Brazilians, representing 12% of the entire population, holds or uses crypto assets.
As part of its effort towards crypto regulation, Brazil’s Finance Ministry is reviewing whether to apply the Imposto sobre Operações Financeiras (IOF) tax to cross-border transfers using digital assets and stablecoins.
According to the Central Bank, these operations are classified as forex transactions, but they are currently not subject to the aforementioned tax.
In the last couple of months, KuCoin has made other notable strides, including partnerships with other top projects.
Last September, the crypto platform signed a Memorandum of Understanding (MoU) with the Vietnam VBA and 1Matrix to strengthen blockchain infrastructure and advance Vietnam’s digital economy.
That same month, KuCoin Pay became available for everyday purchases at over 100 SPAR supermarket locations across Switzerland.
Customers only have to scan an OpenCryptoQR code at checkout using the KuCoin app. The process was accompanied by zero gas fees for users and provides instant fiat settlements for merchants, protecting them from price volatility.
The integration was facilitated by DFX.swiss, a Swiss-based financial services provider.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
