OKX Launches Crypto Exchange And Web3 Wallet In Brazil

Nov. 28, 2023
OKX Launches Crypto Exchange And Web3 Wallet In Brazil

Global web3 technology company OKX has launched its crypto exchange and Web3 wallet platform in Brazil, aiming to provide Brazilian users with a secure gateway to decentralized finance (DeFi) and crypto trading. The move comes as the South American nation continues to make significant progress in crypto adoption and cements itself as one of the emerging blockchain markets globally.

On November 27, the company highlighted Brazil’s potential to lead crypto and decentralized finance innovation. General Manager of OKX Brazil, Guilherme Sacamone, stated that Brazilians have a strong appetite for fast, liquid crypto trading paired with a secure self-custody wallet solution. These elements will be cornerstones of the new offering, he added.

The introduction of the OKX platform in the country is notable for the inclusion of Brazilian real fiat-on-ramp capabilities, facilitating entry for local users in the crypto space. The exchange will offer the opportunity to trade hundreds of cryptocurrencies in Brazil. It stands out with its advanced crypto features, such as DeFi integrations and staking rewards, catering to both experienced and novice traders.

Besides exchange, the company has introduced the OKX Wallet, a web3 wallet that merges user-friendliness with robust security. It provides access to NFT trading, dApps DeFi, and security features like Account Abstraction (AA) and Multi-Party Computation (MPC).

Expressing enthusiasm, OKX President Hong Fang said:

“We’re excited to officially launch our localized platform and services in Brazil, representing the largest cryptocurrency market in Latin America. Our exchange now offers BRL rails, deep liquidity, tools, security, and transparency.”

Furthermore, the company cited a recent survey that found 92% of Brazilian crypto users want “clear and transparent information” about the safety of their investments. The study also indicated that 86% agreed that proof-of-reserves can positively impact crypto market maturity and legitimacy. OKX exchange leads in security with monthly Proof-of-Reserves reports.

OKX’s Strategic Global Expansion

In June, OKX secured a Minimal Viable Product Preparatory license from the Dubai Virtual Assets Regulatory Authority. This achievement enabled the company to broaden its footprint in the region and strengthen its position as a virtual asset service provider (VASP) in the country.

Moreover, OKX set up a new office at the Dubai World Trade Center. In the official statement, the company said it plans to broaden its services, encompassing spot trading, derivatives, and fiat transactions, including deposits and withdrawals in the UAE dirham and the US dollar. Before entering Dubai, OKX applied for a French Digital Asset Service Provider license to make France its regional hub in Europe. Additionally, the company announced in September that it was getting closer to obtaining its VASP license in Hong Kong.

Syed Ali Haider

Researcher & Editor
Ali Haider is a Blockchain enthusiast and writer passionate about enhancing the acceptance, adoption, and integration of Blockchain technology worldwide. He has also advocated for digital freedom and cybersecurity for many years.