On November 27, the company announced its focus on providing an entry point into the decentralized finance (DeFi) and cryptocurrency trading space with enhanced support for the Brazilian real (BRL).
Guilherme Sacamone, the CEO of OKX Brazil, emphasized the “significant potential” of the Brazilian market in adopting cryptocurrencies and DeFi. He stated, “We know that Brazilians expect fast and liquid trading, along with secure self-custody wallet solutions, all within one app.”
OKX cited a recent survey revealing that 92% of Brazilians surveyed want “clear and transparent information” about the security of their investments. The research also indicated that 86% agree that proof-of-reserves can have a positive impact on the legitimacy and maturity of the cryptocurrency market.
Sacamone added, “With the launch of OKX in Brazil, we are not just expanding globally; we are also committing to the Brazilian cryptocurrency community.”
According to data from Chainalysis, Brazil is one of the largest cryptocurrency markets in Latin America in 2023, along with Argentina and Mexico. The data places Brazil at the ninth position globally in terms of cryptocurrency adoption.
Several cryptocurrency exchanges are currently available to users in the Brazilian market, including eToro, Bybit, Kraken, Mercado Bitcoin, and Binance. Data also shows that Brazil leads the region in terms of non-custodial exchanges and other DeFi-related activities.