Brazil is the next destination that Pundi X has chosen to launch its POS devices and to capture this fast-growing and evolving cryptocurrency market it has partnered with Bit Capital the largest OTC dealers in Brazil for cryptocurrencies.
Pundi X take the partnership route to expand quickly
By this partnership Pundi X will get excess to BitCapital expansive crypto network and also an understand how does the Brazilian market work. BitCapital looks like a right partner for Pundi X as the company is one of the largest OTC dealers in Brazil for cryptocurrencies and is currently developing a payments infrastructure network that aims to make crypto-to-fiat transactions as frictionless as possible.
BitCapital would help Pundi X distribute 1,000 XPOS in Brazil giving the company a big and growing market to play. The partnership, formed a little over a week since the formation of Pundi X’s South American headquarters in Brazil. This just goes on to show Pundi X vision and seriousness for the South American Country
Zac Cheah Pundi X CEO said
“In a region fast gaining a reputation as a center for cryptocurrency to enter, the Brazilian market is an ideal point of entry and the demand from merchants has validated our expansion strategy into South America. BitCapital is the ideal partner for our debut in Brazil. Not content to be an OTC leader in a market of global significance they are looking to take on banks and deliver a new payments solution.”
While Ricardo Guimaraes Filho, founder of BitCapital said:
“Brazil and Sao Paulo lead on every metric when it comes to traditional finance and tech in South America. Yet, crypto lags unaccountably behind. We think we know why: the answer is a lack of crypto-friendly bank that facilitates adoption. There’s only one game in town at the moment for easy, understandable solutions for crypto adoption and that’s Pundi X. We’re thrilled to be partners”.
Last week Pundi X signed an exclusive distribution arrangement with Manticora Capital for the Colombian market This is the second major distribution deal since the company announced its South American headquarters this month.
Brazilian crypto market booming
Brazil, a country that boasts the largest economy in South America, is becoming increasingly interested in cryptocurrencies and associated blockchain technology, with the public, the government, and the education system all hopping on the bandwagon.
In 2016, Brazilians moved $160 million in and out of Bitcoin. Last year, 2017, that number was up to around $2.4 billion. In relation, a year ago Foxbit had roughly 100,000 registered users. Today, the cryptocurrency exchange has more than 400,000 — out of an estimated 1.4 million that have opened accounts with them and their three main competitors over the past two years. Compare that to the roughly 600,000 who have stock brokerage accounts, it’s easy to see that Brazilians have been turning to cryptocurrencies in droves.
As for governmental progress, Brazil’s Securities and Exchange Commission (CVM) has a working group that’s discussing regulations for investing in crypto assets. Cryptocurrency experts in the country suspect that they will follow Japan’s lead at best, and, at worst, the lead of the U.S.
If things go as planned, this move towards crypto will inject new life into Brazil’s (currently) small startup market, where there are about 150 new companies building blockchain platforms for education and fintech projects.
Pundi X entry of Brazilian market will give the crypto enthusiast a definite use case to their crypto assets. For PundiX this would also give them the first mover advantage and a strong base to capitalize on other South American countries.
Will Pundi X be able to establish itself in the South American Market? Do let us know your views on the same.