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Cryptocurrency exchange Mercado Bitcoin was granted a payment provider license from Brazil’s central bank on June 2. According For local media reports. With the license, the company will launch its fintech solution MB Pay.
“The approval from the central bank is an important step, as it allows us to continue expanding our business and better serve our customers,” said Roberto Dagnoni, CEO of 2TM, the parent company of Mercado Bitcoin.
As a payment institution, MB Pay may provide users in Brazil with certain digital banking services, such as investing in digital fixed income, staking and other financial transactions, using crypto assets held on the exchange. A debit card offering a crypto off-ramp for users is expected to go live soon.
Earlier this week, traditional local broker Guide Investeos also announced a partnership with Mercado Bitcoin to enter the digital asset market.
Related: Crypto Adoption Is Booming, But Not in the US or Europe – Bitcoin Builders 2023
The fintech rollout of Mercado Bitcoin was planned for 2021, but was delayed due to the regulatory approval process. Growth happened on the same day as Mercado Bitcoin ordered to refund 2,182 BTC (~$59.3 million as of writing) to a group of investors alleging that a co-founder and former executive withheld funds in a fabricated hack in 2013.
A vibrant demand for digital solutions and a population of around 214 million have drawn crypto firms to the Latin American country. Binance has previously ranked Brazil among its top global markets. Its local partner, LATAM Gateway, was also granted a payment provider license in the country on 19 May.
Other crypto exchanges licensed as payment providers in Brazil include Crypto.com and Bitso.
Coinbase is also expanding operations in the country. Since March, the US exchange has partnered with local payment providers to offer crypto purchases as well as enable deposits and withdrawals in local currency.
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