Mercado Bitcoin, a cryptocurrency exchange in Brazil, has received a license from the country's central bank to operate as a payment provider.
Crypto Exchange Mercado Bitcoin Gets Payment Provider License in Brazil
Mercado Bitcoin, a cryptocurrency exchange in Brazil, has received a license from the country's central bank to operate as a payment provider. This will allow the company to launch its fintech service MB Pay, which will offer digital banking solutions to its users using crypto assets. MB Pay will enable users to invest in digital fixed income, stake their crypto, and access other financial transactions. The company also plans to introduce a debit card that will allow users to convert their crypto into fiat currency.
Mercado Bitcoin is one of the leading crypto exchanges in Brazil, with over 3 million customers and more than $5 billion in trading volume. The company is part of 2TM Group, which also owns other digital asset platforms such as Bitrust and Meubank. The payment provider license is a significant 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 crypto market, with several other exchanges and platforms operating in the country. Some of them have also obtained payment provider licenses from the central bank, such as Crypto.com and Bitso. Coinbase, the largest crypto exchange in the US, has also expanded its presence in Brazil by partnering with local payment providers to enable crypto purchases and withdrawals in Brazilian real.