Bitget kickstarts functionalities in Brazil QouteCoin
New York City: Bitget has begun accepting deposits in Brazilian Real as it expands its business there. Deposits may be made using Pix, a popular public instant payment system in Brazil. On November 30, it plans to start offering withdrawals in Brazil.
The Securities and Exchange Commission (CVM) of Brazil needs extra permissions for certain services, such as future contracts and derivative goods, therefore Bitget has underlined that its objective in the Brazilian market is to develop in the regular trading market and avoid derivatives. As a result, the exchange will not provide derivative goods there.
Currently operating in Argentina, Colombia, Mexico, and Venezuela, Bitget is extending its presence in the Latin American market. The firm claims that there are more than 2 million customers spread throughout 50 countries. The exchange plans to increase its employees to 1,000 by the end of the year, despite the shaky market.
By the end of the first half of 2023, Bitget hopes to rank among the “biggest five exchanges in the Brazilian industry,” according to managing director Gracy Chen.
To allow cryptocurrency purchases using Brazilian reals, a number of major cryptocurrency companies, including Bybit, MetaMask, and Trust Wallet, have integrated with Pix.
Bitget has had a successful year despite the oppressive crypto winter of 2022. A $200 million fund was introduced in August by Bitget’s cryptocurrency derivatives trading platform to safeguard its members against unanticipated events including bitcoin (BTC) price drops, hacks & thefts, and more.
After Binance and FTX.US, Bitget was the third-largest worldwide derivatives trading platform in September 2022. This coincided with the recent $0 trading charge spot trading function that was indicated for all Bitget customers, giving them a reasonably priced entry point into cryptocurrency.
By removing trading fees and creating unique incentives to trade and earn, Bitget intends to assist experienced cryptocurrency investors with large trading volumes while also providing new entrants with the ability to join and benefit from the market.
