Dubai-Based Bybit Makes Move Into Latin America With Launch of Brazil Operation

Brazil is seen as a big prize, with a number of crypto exchanges eyeing the country in 2022.

Apr 28, 2022 at 4:32 p.m. UTC

Updated Apr 28, 2022 at 7:00 p.m. UTC

Brazil's flag. (Mateus Campos Felipe/Unsplash) — (Mateus Campos Felipe/Unsplash)

Andrés Engler is a CoinDesk editor based in Argentina, where he covers the Latin American crypto ecosystem. He holds BTC and ETH.

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This article is part of CoinDesk Brasil, a partnership between CoinDesk and InfoMoney, one of Brazil's leading financial news publications. Follow CoinDesk Brasil on Twitter.

Dubai-based cryptocurrency exchange Bybit is launching services and a local team in Brazil.

Bybit's move into Brazil opens its “expansion across Latin America,” according to a company statement Thursday.
According to Bybit, Brazilian users will be able to acquire crypto using Brazilian reals through transfers via PIX, a real-time retail payment system launched by the Brazilian Central Bank. In addition to spot crypto trading, the company will offer earning products and a non-fungible token (NFT) marketplace.
“Brazilians highly value their experience with the services they use. When it comes to investments, we know that we will only be successful by offering world class liquidity and reliability that users expect of Bybit,” the company said.
Of the crypto transactions bill approved by Brazil’s Senate on Tuesday, Bybit called it “a promising step forward in regulatory clarity.”
Global crypto exchanges consider Brazil as a big prize in 2022, with Coinbase (COIN) in talks to acquire Mercado Bitcoin – the country’s largest crypto exchange – and Binance looking into acquiring banks and payment processors.

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