Bybit expands into Brazil after Senate backing of cryptocurrency regulation

Quick Take

  • Bybit’s launch in Brazil comes after the Senate passed a bill regulating cryptocurrency transactions.
  • It will offer spot trading, earning products including dual asset investments, and access to its NFT marketplace to in-country customers.

Bybit is officially launching in Brazil and setting up a dedicated team to offer cryptocurrency trading and services to those in the country, the company said on Thursday.

Bybit, which moved its headquarters to Dubai from Singapore earlier this month, will allow customers to make purchases in Brazilian real through the Central Bank of Brazil’s instant payment platform Pix. It will also offer spot trading, earning products including dual asset investments, and access to its NFT marketplace.

Bybit boasted the third-biggest trading volume in March behind Binance and Coinbase, with almost $10 billion in daily transactions, according to research by The Block.

While use in Brazil was not previously restricted, and in December last year it started offering crypto staking through Pix, this marks the company’s official entry into the country.

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