With a daily traded volume exceeding $2.1 billion, OKX aims to cater to the growing demand among Brazilian crypto enthusiasts.
The move comes as more than 33 million South Americans are invested in the cryptocurrency market, and OKX sees the potential for further growth amid rising inflation.
Screenshot taken from: https://explodingtopics.com/blog/number-of-cryptocurrencies
In this expansion, OKX will provide seamless crypto trading in Brazilian Real, supported by clear regulatory frameworks in Brazil.
The company’s web3 wallet will allow users to securely store their digital assets.
The Brazilian government’s implementation of crypto regulations has facilitated OKX’s entry into the local economy through regulated channels.
OKX refers to a recent survey revealing that 92% of respondents in Brazil express a desire for “clear and transparent information” regarding their investment security.
The study additionally indicates that 86% agree that proof-of-reserves can contribute positively to the legitimacy and maturity of the cryptocurrency market.
Hong Fang, OKX President, expressed excitement about the launch:
“We’re excited to officially launch our localized platform and services in Brazil, which represents the largest cryptocurrency market in Latin America. Our exchange now offers BRL rails, deep liquidity, tools, security and transparency that Brazilian traders want. Our OKX Wallet provides simplified access to DeFi, NFTs, dApps and more. We look forward to driving innovation and growth of the Web3 and crypto economy with millions of users as the market matures in Brazil.”
Guilherme Sacamone, General Manager at OKX Brazil, emphasised the company’s commitment to security:
“OKX is committed to helping Brazil realise its enormous potential as a cryptocurrency and Web3 leader in global decentralised finance. As a result, we delivered a comprehensive platform that merges world-class crypto excellence with user experience specifically tailored for the Brazilian market. We know Brazilians expect fast, liquid trading and a safe custodial wallet solution they can trust, all in one application. Given the results of our recent survey, we also recognise that security and transparency are major priorities for Brazilian crypto users. OKX delivers this with best-in-class security features, such as our leading monthly PoR.”
OKX Market Outlook
In the midst of the widespread adoption of digital assets, the OKX cryptocurrency exchange boasts an impressive user base exceeding 50 million globally, coupled with a heavily traded native token known as OKB.
At the time of this report, OKB holds a fully diluted valuation of approximately $13.4 billion, along with a daily average trading volume of around $9.6 million.
Notably, the OKB price observed a Monday surge, reaching around $56, marking a remarkable increase of over 26 percent in the last four weeks.
With the official launch in Brazil, OKX anticipates significant exponential growth in its ecosystem, especially amidst the anticipated macro bull market in the coming years.