RIO DE JANEIRO, BRAZIL – With an eye on Latin America’s booming crypto market, Dubai-based cryptocurrency exchange Bybit announced on April 28 that it is investing about US$50 million in expanding its operation in Brazil.
The funds will be used in hiring the team to serve the Brazilian audience, partnerships, promotions, new product development, marketing, and adaptations of the platform to Portuguese. On the other hand, the company stated that it would not have physical headquarters in Brazil.
“Brazilians highly value the experience with the services they use. When it comes to investments, we know that we will only succeed if users can access the world-class liquidity and reliability offered by Bybit,” the company said in a statement.
The exchange offers spot trading, and users can buy and sell cryptocurrencies, purchase investment products, and access a market for non-fungible tokens (NFTs). Digital assets can be bought with Brazilian real through PIX.
Founded in March 2018, the brokerage is the world’s third-largest in derivatives trading and 15th in the spot market, according to aggregator CoinMarketCap. The platform says it moves about US$10 billion in digital assets per day and has six million users.
BETTING ON LATIN AMERICA
Brazil is the big bet in Latin America for global exchanges and has attracted big market players because of the increasing number of Brazilians using crypto. Giants such as Binance, FTX, and Bitso already have operations in the country.
In late March, Estadão published that Coinbase, the largest cryptocurrency exchange in the United States, is negotiating the purchase of 2TM, owner of Mercado Bitcoin, the largest national crypto brokerage.
On April 28, Spanish brokerage Bit2Me also announced its arrival in the country. The company’s expansion on the continent will be coordinated by Ricardo Da Ros, former country manager of Binance.
With information from InfoMoney