The cryptocurrency exchange developed for Web 3.0 technology “OKX” has announced the expansion of its services to users in the Brazilian market by launching a local cryptocurrency exchange, providing web 3.0 wallet services.
On the twenty-seventh of November, the company said that it will focus on providing a decentralized finance portal (DeFi), along with cryptocurrency trading services with the possibility of converting to Brazilian reais, to Brazilian users.
Commenting in this regard, Guilherme sacamoni, general manager of OKX Brazil, said that the Brazilian market has “enormous potential” to lead the adoption of cryptocurrencies and decentralized finance.
The recent survey by OKX indicated that 92% of Brazilian respondents want “clear and transparent information” about the security of their investments. The study also showed that 86% of respondents agreed that proof of reserves can have a positive impact on the legitimacy and maturity of the cryptocurrency market.
It is worth noting that the Cointelegraph team has contacted “OKX” for additional information about its Brazilian expansion, but has not yet received a response.
According to data from “Chainalysis” in 2023, Brazil is one of the largest cryptocurrency markets in Latin America, along with Argentina and Mexico. And “Brazil” ranks ninth in terms of global cryptocurrency adoption in general.
Some of the exchanges currently available to users in the Brazilian market include eToro, bybit, Kraken, Mercado Bitcoin and Binance. The data also shows that Brazil leads the region in terms of decentralized exchanges and other activities related to decentralized finance.
