Just In: Revolut Floats Crypto Products in Brazil in First LatAm Foray
Citizens of Brazil now have access to services offered by Revolut as the digital bank recently launched in the country. Markedly, this is Revolut’s first foray into the Latin American region as it had previously launched its offerings in Europe and other regions. As part of its offerings, Brazilians will be given access to foreign exchange with remittance capabilities in multiple currencies including the Brazilian Real.
Nik Storonsky, Co-founder and Chief Executive Officer (CEO) of the digital bank said “Brazil is an exciting market for Revolut and holds enormous potential for our global expansion.”
“Our mission is to unlock a borderless economy with financial products that are accessible and easy to use and that allow our customers to use their money efficiently. We will start with the global account and crypto investments, but this is just the beginning,” he added
Revolut Eyes Brazil’s Large Financial Market
Revolut had been mulling over this expansion into Brazil for more than a year now. In March 2022, Glauber Mota was hired as its new Brazil CEO and at the same time, a waiting list was opened in preparation for the full launch of the company. Now that the digital bank has completed the launch in the Latin American nation, the waitlist will be expanded while existing names will be rolled out.
On the other hand, Brazil is recognized as the largest market in the region for financial services. When he was appointed the Brazil CEO, Mota confirmed that citizens of the country are some of the most active digital population globally. Also, he asserted that a huge number of Brazilians use digital banks as their primary accounts.
“The total that Brazilians spent abroad more than doubled in 2022, totalling $12 billion, and there is growing demand for access to crypto assets with more than ten million individual investors in Brazil. Revolut offers Brazilians an app that meets all these needs in one place, with a high-quality UX that has not yet been seen in the Brazilian market,” Mota explained.
As it progresses, Revolut would have to compete with the likes of Nubank which already offers crypto trading services in Brazil and also introduced its cryptocurrency dubbed Nucoin.
- Just In: Nasdaq-Listed VivoPower Raises $19M in Equity to Expand XRP Treasury Holdings
- Solana Price Rallies 5% as Nasdaq-listed VisionSys Launches $2B SOL Treasury Strategy
- XRP Ledger Rolls Out MPT Standard for Real-World Asset Tokenization
- SEC Puts Crypto ETF Approvals On Hold Following U.S. Government Shutdown
- Pi Network Adds DEX and AMM Features To Expand Pi Coin’s Utility
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
