Revolut: Fintech Giant Wants to Compete in the Brazilian Cryptocurrency Market

Fintech Revolut, which is already active in 36 countries, aims to arrive in Brazil before Qatar’s World Cup and compete with the country’s cryptocurrency exchanges.

Since Brazil is the largest country in Latin America and a large part of the population does not yet have a bank account, many international companies pay close attention to opportunities.

Abroad, Revolut competes with solutions such as Avenue, which recently acquired a share by Banco Itaú and may acquire more than 50% in the coming years.

In other words, technology-based companies providing financial services are becoming popular with Brazilians whether they are institutional or not. Even so, the scenario is still promising for those looking to reach a promising market space.

Fintech Revolut Wants To Arrive In Brazil To Fight In The Cryptocurrency Market, Says Country CEO

Fintech Revolut has attracted attention upon its arrival in Brazil, scheduled for the coming months of 2022.

Even with a tight deadline, Glauber Mota, CEO of Revolut in Brazil, said in a recent interview with NeoFeed that he plans to release the app to customers in the country before the World Cup in Qatar, which kicks off on November 20.

To arrive in Brazil, Revolut then plans to focus on banking and serve clients who want to invest in shares of North American companies.

In addition, the platform’s focus will be on taking a firm foothold in the cryptocurrency market, something that will rival the fintech Revolut against already consolidated exchanges, such as Mercado Bitcoin, Binance, and even Nubank.

With a presence in 35 countries, the company is positioning Brazil as a new market target, and the CEO in the country says the entry should be promising as the market is still small and has a lot to grow.

Who doesn’t want to sell cryptocurrencies?

It is worth remembering that in Brazil there are few financial companies that do not want to sell cryptocurrencies and keep their customers at home.

Itaú has plans in the sector, as Santander Brasil has already indicated. Only the CEO of Bradesco denied plans in the sector, although he believes that as the market grows, it will be inevitable to compete.

Fintechs such as Nubank, Mercado Pago and PicPay have already started selling bitcoin and other cryptocurrencies to their customers, with several showing interest in the sector. For example, the Mercado Livre branch already has more than 2 million customers who trade cryptocurrencies.

The fact is, this reality shows that both companies already in the country and those planning to arrive are well aware that cryptocurrencies are a hot topic in the country.

Source: Live Coins