Brazil now 6th country with most crypto users
Brazil 6th country with most crypto users
Brazil has cemented its position as a major player in the cryptocurrency market, with 26 million citizens—approximately 12% of its population—owning digital assets.
This achievement places Brazil sixth globally in cryptocurrency adoption, underscoring its growing influence in the sector, according to a report by Chainalysis.
Latin America has also seen remarkable growth, receiving $415 billion in cryptocurrency transactions between July 2023 and June 2024, representing 9.1% of the global market, according to Chainalysis. Within the region, Brazil and Argentina lead as the most active markets, driving adoption and innovation.
Stablecoins and institutional interest fuel growth
One of the key drivers of Brazil's cryptocurrency adoption is the rise of stablecoins, with the number of traders quadrupling since January 2020. The country has also made strides in regulatory and technological advancements, including the Central Bank's Drex initiative, which explores digital assets for payments and investments.
Additionally, the development of crypto-based ETFs has integrated these assets into traditional investor portfolios. Institutional interest has surged as well, with trading volumes among Brazilian institutions increasing by 130% in the past year.
Globally, major players like BlackRock and Fidelity have expanded their investments in the crypto market, further legitimizing the sector. Binance, the world's largest cryptocurrency exchange, reported a 40% increase in institutional investors on its platform.
Local pairs simplify transactions
In Brazil, Binance recently has introduced "local pairs," enabling users to trade directly in Brazilian Real. This approach eliminates currency conversion fees and simplifies access for traders. Currently, 30 cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), are available in this format, paired with localized support and tools tailored to the Brazilian market.
With strong institutional backing, innovative solutions, and growing public interest, Brazil is firmly positioning itself as a leader in the global cryptocurrency landscape.
Binance, the world's largest cryptocurrency exchange, has launched "Send Cash," a new platform in Latin America for digital asset transfers via Binance Pay. Users in ten countries, including Colombia, Argentina, and Mexico, can now make quick and cost-effective transfers to traditional bank accounts using cryptocurrency.
