Recently, Mercado Bitcoin, the biggest cryptocurrency exchange in Brazil, has been granted a license as a payment institution by the nation’s central bank. This license permits the company to act as an electronic money issuer and function as a payment institution.
The green light from the central bank has given the company the opportunity to move forward with its plans for business expansion. This is a pivotal step as it will enable them to enhance their customers’ experience even further. Mercado Bitcoin already offers MB Pay, a digital account that allows over four million users to buy cryptocurrencies and invest in different digital fixed-income asset classes.
Mercado Bitcoin’s Main Goal
Mercado Bitcoin is seeking to provide financial remedies that merge the capabilities of digital currency along with traditional monetary services. One of the upcoming services is a payment card that can be used for cryptocurrency transactions. This news coincides with the funding that Brazilian fintech companies are set to receive from the BNDES, the country’s development bank.
The aim of this measure is to strengthen the progress of fintech in Brazil, given their remarkable expansion in recent years. Additionally, recent reports have disclosed that Gafisa, a leading Brazilian real estate developer, has started to accept cryptocurrencies as a means of payment for property sales. The company believes that Bitcoin is an ideal alternative for real estate transactions due to its transparency and security attributes.
Mercado’s Expansion Plan
2TM Group, which operates Mercado Bitcoin, is also expanding its global presence by acquiring a strategic stake in Portugal. The company has acquired a controlling interest in CriptoLoja, a cryptocurrency exchange situated in Lisbon that is authorized by the central bank of Portugal. This new partnership, subject to approval by Banco de Portugal, is intended to enable 2TM to enter Europe through over-the-counter exchange services. Furthermore, the firm intends to expand Mercado Bitcoin’s offerings to both individual and institutional investors in Portugal.
