The cryptocurrency exchange Mercado Bitcoin has now received a payment institution license from the Central Bank of Brazil, which will allow it to operate as a payment institution with the status of an electronic money issuer.
The license will allow Mercado Bitcoin to expand its fintech offerings within MB Pay. The cryptocurrency exchange will provide its clients in Brazil with digital banking services using the cryptoassets it holds, including digital fixed income investments, staking, and other financial transactions.
Mercado Bitcoin also plans to issue a physical debit card with a crypto offering, Finance Magnates reported.
"The central bank's approval is an important step, as it allows us to continue with our business expansion plans to offer an even more complete experience to our clients," said Roberto Dagnoni, CEO of Mercado Bitcoin.
Brazil is one of the largest cryptocurrency markets in Latin America. The demand for digital assets among its population is growing steadily, which has attracted many of the world's leading crypto exchanges.
Mercado Bitcoin was founded in Brazil in 2013 and now has 3 million clients. The cryptocurrency exchange accounts for up to 60% of the trading turnover of the BTC/BRL pair. The secret of Mercado Bitcoin's success lies in its combination of technical functionality, investment products, and a favorable pricing policy.
Earlier, we reported that Binance's partner received a license to operate in Brazil.
