Zuckerberg’s Meta to launch its own bitcoin wallet in Brazil?

RIO DE JANEIRO, BRAZIL – Meta Platforms (formerly Facebook) plans to launch a digital wallet with support for bitcoin (BTC), according to a registration application filed in Brazil, writes specialized Criptonoticias in its latest report.

According to information from the National Institute of Industrial Property (INPI) of Brazil, the application is currently under review by Meta, Mark Zuckerberg’s company. It is therefore public and has 90 days to be rejected or approved, says Criptonoticias

What stands out from the application is the company’s intention to give space to cryptocurrencies. And that is by developing a “distributed cryptocurrency wallet platform software for processing financial transactions.”

In detail, the company talks about the pioneer cryptocurrency in the market, Bitcoin, and explains that there are projects to verify transactions made with this asset. Likewise, they make room for other cryptocurrencies.

“Design, development, and implementation of software for third-party verification services for digital currency transactions, including (but not limited to) transactions with Bitcoin,” Meta’s application, filed in the last days of December 2021, states.

AND WHY BRAZIL?

The fact that Meta is thinking of launching and registering projects in Brazil makes sense, considering that this country has made significant progress in regulation and consistent adoption of the new crypto economy. In addition, starting a business in this niche is more difficult in the United States. It should be recalled that the US authorities have already taken action against Meta’s plans.

A few days ago, Rio de Janeiro announced it will accept Bitcoin and other cryptocurrencies into its city treasury.

According to Mayor Eduardo Paes, 1% of the city’s treasury will be invested in cryptocurrencies as part of the “Crypto Rio” initiative. In addition, the RioCoin will be launched, which will be developed by City Coin, a technology team that has already been involved in other projects such as the MiamiCoin.

As if that wasn’t enough, it is known that in the city of São Thomé das Letras in Brazil’s Minas Gerais state, citizens can live with Bitcoin if they wish.

Local merchants there began investigating cryptocurrencies, non-fungible tokens (NFT), and blockchain, and “decided to base the city’s tourism 100% on cryptocurrencies,” as reported by Bruno Contardi, Dash’s business, and development manager in Latin America.

And in the interest of expanding Bitcoin trading and commercialization in Brazil, which is Meta’s intention, it is known that this country is one of the largest in peer-to-peer (P2P) trading.

According to Chainalysis, Brazil, which ranks 14th in the Global Cryptocurrency Adoption Index, moves a significant amount of transaction volume in large institutional investments that exceed US$10 million in crypto assets.

Meta has a gap in the market to exploit in this country, which has already emerged as the standard for bitcoin acceptance. To do so, the application must first be approved, which could become known in the coming days.

With information from Criptonoticias

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