Quick take:
<ul>
 <li>Brazilian investment banking giant BTG Pactual acquired Bitcoin-friendly broker Orama for R$500 million (~$97.5 million).</li>
 <li>Moonbeam Network teamed up with DUX and Grupo RÃO to launch a Web3 Loyalty Program in Brazil.</li>
 <li>OKX officially launched in the country with a local crypto exchange platform and a Web3 wallet.</li>
</ul>
Brazil’s largest bank bank Itau Unibanco on Monday introduced cryptocurrency trading services for clients using its platform. This launch makes Brazil’s largest lender the biggest organisation to join the crypto exchange services space.
According to the <a href="https://www.reuters.com/technology/brazilian-lender-itau-launches-crypto-trading-2023-12-04/#:~:text=SAO%20PAULO%2C%20Dec%204%20(Reuters,for%20the%20digital%20asset's%20exchange." target="_blank" rel="noopener noreferrer nofollow">announcement</a>, Itau’s new crypto trading service will offer Bitcoin $BTC, the world’s most popular cryptocurrency and Ether $ETH, with more cryptocurrencies scheduled for addition later, Itau’s head of digital assets Guto Antunes said in an Interview.
“It starts with bitcoin, but our overarching strategic plan is to expand to other crypto assets in the future,” Reuters reported. However, Antunes warned that the evolution of the regulatory framework will play an important role in determining whether an expansion happens.
This announcement follows a series of major crypto moves by locally-based financial services companies and global crypto companies, that Itau will be competing with. However, Antunes argues its ability to act as a custodian, safeguarding users’ assets differentiates it from the rest.
One of the main competitors that Itau will be looking to gain an edge over is the Brazilian investment banking giant BTG Pactual, which in October <a href="https://www.nftgators.com/btg-pactual-doubles-down-on-crypto-with-97-5m-acquisition/" rel="noopener noreferrer nofollow">acquired Bitcoin-friendly broker Orama</a> for R$500 million (~$97.5 million).
On November 27, 2023, OKX officially announced its <a href="https://www.nftgators.com/okx-officially-launches-in-brazil-with-a-new-crypto-exchange-and-web3-wallet/" rel="noopener noreferrer nofollow">entry into the Brazilian market</a> with a crypto exchange platform and a Web3 wallet. The company will offer among other services, Brazilian real fiat on-ramps, giving users a trusted, secure gateway to decentralized finance (DeFi) and crypto trading.
On November 30, Moonbeam Network, a smart contract platform for building cross-chain connected applications <a href="https://www.nftgators.com/moonbeam-teams-up-with-dux-and-grupo-rao-for-a-web3-loyalty-program-in-brazil/" rel="noopener noreferrer nofollow">announced a partnership</a> with Web3 infrastructure provider DUX and the Brazil-based Japanese food delivery service Grupo RÃO to launch a Web3 Loyalty Program.
Grupo RÃO will implement DUX smart wallet technology to unlock novel methods of customer engagement for its ~1 million users. The three companies are building an easily accessible decentralized community – that leverages Web3 technology to deepen interactions between customers, partners, and employees.
On December 1, 2023, the world’s largest cryptocurrency exchange platform by volume, Binance won an award for being the best in terms of user experience in the country. The crypto exchange company was quick to remind the crypto community on X following Itau’s announcement.
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 <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> recently won an award in Brazil for user evaluation scores at the 2023 Experience Awards. We’re proud to have been the only crypto related company chosen by users <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f91d.png" alt="🤝" class="wp-smiley" style="height: 1em; max-height: 1em;"> Check out the tweet below for more details! <a href="https://t.co/kxZ1RKv1TP" rel="noopener noreferrer nofollow">https://t.co/kxZ1RKv1TP</a>— Binance (@binance) <a href="https://twitter.com/binance/status/1731663514421657937?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 4, 2023</a>
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Binance has been active in Brazil for years now. It expanded its footprint in the South American country two additional offices opened in October 2022.
However, it is noteworthy that crypto activity has intensified in Brazil over the past two months. On September 27, 2023, Brazil’s central bank governor Roberto Campos Neto <a href="https://www.reuters.com/business/finance/brazils-central-bank-seeks-tighter-cryptocurrency-regulation-brokerage-oversight-2023-09-27/" target="_blank" rel="noopener noreferrer nofollow">emphasised</a> the need for policymakers to tighten cryptocurrency regulation and subject brokerages to their supervision.
Neto wants regulators to scrutinize the backing of cryptocurrencies and associated activities amid rising crypto buying activity by Brazilians. According to data released by the Brazilian central bank, Brazilian residents spent $7.4 billion on crypto imports between January and August 2023, which is approximately 44.2% more than they did in the same period last year.
While the Securities and Exchange Commission’s (SEC) recent <a href="https://www.nftgators.com/binances-battle-with-sec-culminates-to-a-4-3b-settlement-for-securities-law-violations/" rel="noopener noreferrer nofollow">action against Binance</a> and its former CEO Chengpeng “CZ”&nbsp; Zhao may be viewed as a major bottleneck for crypto progression in the US, some crypto market players have labelled the action as a necessary one for the industry to move forward.&nbsp;
Since the SEC took that action, the Bitcoin price has advanced to trade at new 19-month highs of about $41,800 as of this writing, almost vindicating the SEC. And such has been the rally that El-Salvador, which has over the past 18 months suffered the wrath of crypto critics who laughed off the country’s decision to make Bitcoin a legal tender, is now celebrating the decision to stick with crypto.
The country’s President Nayib Bukele revealed via a post on X that finally, El Salvador’s Bitcoin holdings “are in the black,” with over $3.6 million in profits if sold at the prevailing market price.
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 El Salvador's <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> investments are in the black! After literally thousands of articles and hit pieces that ridiculed our supposed losses, all of which were calculated based on <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a>’s market price at the time… With the current <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> market price, if we were to sell… <a href="https://t.co/gvl2GfQMfb" rel="noopener noreferrer nofollow">pic.twitter.com/gvl2GfQMfb</a>— Nayib Bukele (@nayibbukele) <a href="https://twitter.com/nayibbukele/status/1731653743668572498?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 4, 2023</a>
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However, the man who calls himself “Philosophy King” on his X profile reiterated that El Salvador has no intention of selling. “That has never been our objective,” adding that even with the expected price fluctuation, it does not affect the long-term strategy of the Caribbean nation.
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The post <a href="https://www.nftgators.com/is-brazil-the-next-major-crypto-hub-to-emerge/" rel="noopener noreferrer nofollow">Is Brazil the Next Major Crypto Hub to Emerge?</a> appeared first on <a href="https://www.nftgators.com" rel="noopener noreferrer nofollow">NFTgators </a>.

Is Brazil the Next Major Crypto Hub to Emerge?

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