May 16, 2022

Cryptocurrency Exchange Bybit Announces Expansion to Brazil

Popular cryptocurrency exchange platform, Bybit, has expanded its services to the South American region via Brazil. The Dubai-based exchange site revealed the full-scale expansion to the black nation on its official website. 

The platform explains that venturing into Brazil is a massive milestone and a testament to the platform’s vision of offering quality crypto products and services to the populace. In addition, the move aligns with its values and what the Brazilian cryptocurrency space demands. 

Bybit Will Meet Brazil’s Expectations

Speaking about the decision, a rep. of the recently inaugurated Bybit Brazil said, “the nation values its experience with the services rendered. By rendering world-class and reliable crypto products, we are assured that we will meet their expectations and be successful.” 

Bybit is a renowned and reliable trading platform in Europe and Asia. The exchange records over six million active users every day, with a $10B trading volume, which will help it power the Brazilian crypto space. The exchange said it would provide its products in Portuguese to enhance users’ experience, considering Brazil’s official language is Portuguese.

Brazil Aims to Establish Itself as a Cryptocurrency Trading Hub in South America

Brazil has a strong affinity for cryptocurrencies since its emergence. In 2021, the country’s Central Bank publicly acknowledged virtual currency and has been implementing some decisions to make the space safer for investors and ordinary users. 

Last September, popular investment and asset management bank BTG Pactual disclosed it would provide cryptocurrency services to high-profile investors through the launch of Mynt. Mynt is an exchange platform with educational content to bring its customers up to speed with news in the industry. 

Earlier this year, the Legislature passed a bill to oversee virtual currencies. This move provided clarity and summarized the government’s stance on crypto use. Because of this, several cryptocurrency unicorns made their way to the black nation. 

Aside from Bybit, the country’s clear regulatory approach also attracted American-based crypto exchange Coinbase, which plans to purchase 2TM Group – Brazil’s biggest trading site. 

Bybit is unwilling to let its guard down, knowing the competition ahead of them. The exchange’s rep said the platform would do all it takes to gain the trust of Brazilian customers. They have already identified one way to do that – by launching targeted campaigns to promote its product offerings. 

Bybit has been quite busy in 2022. In February, the crypto platform ventured into the sports world by signing a three-year deal with Formula 1 team Red Bull. The partnership, reportedly worth about $50M, will make the exchange Red Bull’s Principal Team Partner.