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Cabital adds Brazilian Real (BRL) to Payment Methods

We’ve added BRL to our list of fiat deposit options to make buying and selling crypto effortless, and more accessible to all.

Cabital now offers users in Brazil the opportunity to exchange Brazilian Real (BRL) for crypto assets and vice versa at some of the most competitive rates in the market. As crypto adoption soars, BRL joins Cabital’s growing list of supported fiat currencies, including GBP, EUR, CHF and VND. 

Crypto adoption soars in Brazil

According to FXEmpire, in 2021 only 8% of Brazilians were crypto investors, while in 2022, a whopping 16% hold crypto which is 3% more than the USA.Crypto’s impact in Brazil has been so dramatic that about 75% of these investors buy crypto monthly.

The increasing number of crypto investors is driven by Brazil’s rising inflation, with an inflation rate of 10% registered in 2021. The Brazilian real also depreciated in value from $0.25 to the dollar in January 2020 to $0.19 in June 2022.

Furthermore, Brazil has moved to regulate crypto with the senate passing a bill in April 2022 that aims to create a regulatory framework for the crypto industry and to attract crypto businesses to the country.

With the country’s increasing acceptance of crypto as a form of payment, there’s also a growing need to have efficient and convenient options for Brazilian users to make crypto purchases.

Streamlining crypto adoption

Through our partnership with Transfero, a blockchain finance solutions company focused on enabling a more decentralized and free global system, Cabital’s users can now exchange BRL for crypto assets and vice versa at some of the most competitive rates in the market.

Brazilian users can now easily deposit and withdraw Brazilian Reals (BRL) using two trusted local bank transfer methods: TED and PIX. Cabital trumps other fiat on-ramp solutions by allowing users to transact using bank transfers instead of costly debit/credit cards. In addition, Cabital does not charge users deposit fees when transacting via bank transfer.

Cabital users in Brazil using BRL will enjoy some of the lowest crypto prices in the industry. This is because Cabital does not have any hidden fees and offers our customers one of the lowest spreads in the market. They’ll also be able to easily convert their crypto into BRL and withdraw it into their bank account. 

Helping our partners to scale with more fiat options

Cabital aims to be the Paypal of Web3, and we can’t do it alone. We aim to continue supporting our partners and expand their reach into more key markets, and Brazil is just one of them. Hence we’re empowered to continue introducing more fiat currency options in the future to accelerate the world to Web3 with our fiat on-and-off ramp solution, Cabital Connect.

The launch of direct bank transfers in Brazil unlocks a new marketplace for Cabital partners in 2022, and will also enhance the payment approval rate for our Brazilian customers which will make crypto purchases much more convenient.

“Cabital is committed to providing investors with a seamless on-and-off ramp solution to enable easy conversion of fiat money to cryptocurrency and vice versa. We look forward to adding Brazil to our list of fiat on-ramp payment options to offer Brazilian investors a streamlined experience on Cabital and our Cabital Connect platform partners.

Cryptocurrency adoption in Brazil is high, and we see a great strategic opportunity in the space. We’re excited to introduce our services to the Brazilian community and support the growth of the local blockchain ecosystem,” says Raymond Hsu, Co-Founder & CEO of Cabital.

Using Local Bank Transfer Payment Method to Deposit BRL

Brazilian customers can start purchasing crypto using Cabital at any amount, as there is no minimum deposit and no deposit fees.

Similar to payments with SEPA, after selecting ‘Bank Transfer’ as the payment method, the user can initiate a bank transfer into the Cabital account with the bank details shown in the App using TED or PIX. We would recommend PIX as the transfer method due to the shorter processing time (instant).

For more information on how to buy crypto with BRL, see our FAQ here.

▶ Cabital makes it fast and easy to buy and sell crypto. Get started today.

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This article has been prepared by Cabital Fintech (LT) UAB  (the “Company”) and is general background information about some of the Company’s activities at the date of this presentation.

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