Mercado Bitcoin, the largest cryptocurrency exchange in Brazil, has been licensed by the central bank to operate as a payment provider. This will allow the company to launch its fintech service MB Pay, which will provide digital banking solutions to its users using crypto assets.
MB Pay allows users to invest in digital fixed income, bet on their cryptocurrencies and access other financial transactions. The company also plans to introduce a debit card that will allow users to convert their cryptocurrencies into fiat currency.
Mercado Bitcoin is one of the leading cryptocurrency exchanges in Brazil, with over 3 million customers and over US$5 billion in trading volume. The company is part of the 2TM Group, which also owns other digital asset platforms such as Bitrust and Meubank.
The payment provider’s license is an important milestone for Mercado Bitcoin and the crypto industry in Brazil, as it shows the growing recognition and adoption of digital currencies in the country.
Brazil has a large and vibrant cryptocurrency market, with several other exchanges and platforms operating in the country. Some of them have also obtained licenses from central bank payment providers such as Crypto.com and Bitso.
Coinbase, the largest US cryptocurrency exchange, has also expanded its presence in Brazil by partnering with local payment providers to enable purchases and withdrawals of cryptocurrencies in Brazilian reais.
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Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
