Coinbase stock surges 12% on Brazil expansion news

Coinbase stock surges 12% after news of expansion in Brazil

22.03.2023 09:16 (Updated 22.03.2023 09:03)
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by Maksym Prykhodko
2 min read

Coinbase shares continue to rise, surging 12% after it was announced that Brazilian users can now buy and sell crypto with reals and withdraw via Pix.

On March 21, Coinbase announced an expansion in Brazil, allowing easy on- and off- ramp with Brazilian reals via the instant payment service Pix. Coinbase also adapted its local app to Brazilian Portuguese and added 24/7 email support:

We’ve integrated Pix for easy account top-up using Brazilian Reals, localized our app with 24/7 email support, partnered with Ebanx, and streamlined the user onboarding process… We aim to bring financial freedom to even more Brazilians through the cryptoeconomy and further strengthen our commitment to the Americas region.

Coinbase stock reacted to the news. COIN was trading at $75.15 and peaked at $83.78 late Tuesday. Now it’s trading at $84.08, according to MarketWatch.

Coinbase Vice President of International and Business Development, Nana Murugesan, said in the announcement:

While we are enhancing our product offerings today, we have a strong history in Brazil. First, we established a technology hub in the country in 2021, with engineering talent developing crypto and web3 technologies using Brazilian expertise for Brazil and beyond.

Coinbase added that its investment arm Coinbase Ventures is actively participating in the Latin American crypto market and has invested in Brazilian asset management firm Hashdex and financial services platform Ledn.

This month, Coinbase announced it would accelerate its “Go Broad, Go Deep” international strategy for six continents. According to the statement, the crypto exchange is devoted to strengthening its position outside the U.S. by seeking regulatory approval and offering new products and services. Brazil, of course, is one of the company’s targets.

The company spokesman told Decrypt via email:

Our international expansion drive will focus on high-bar regulatory jurisdictions. We remain focused on offering our products in a safe, compliant way, with sound risk management at the core.

Author

  • Maksym has denied the existence of crypto as an asset for 3 years when he was working with standard financial instruments. Became Head of Treasury. Won the best bank employee award and left the bank for cryptocurrency exchange the next day. Got a second university degree, but that didnโ€™t stop him from studying finance yet. Combines fiat and crypto experience to be as objective as possible in general matters. His dream is to be interviewed by Bloomberg.

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