Financial news

Brazilian cryptocurrency users have been given a new means of accessing the world of decentralised finance (DeFi) and crypto as OKX launches its crypto exchange and Web3 wallet platform in the country. 

OKX, the global web3 tech company and crypto exchange, will offer Brazilian users a powerful platform to trade hundreds of cryptocurrencies. It also provides users with advanced crypto features including staking rewards and DeFi integrations.

Also available on the platform is OKX Wallet. This is a Web3 wallet that provides access to a user-friendly, secure self-custody portal to access and manage DeFi products, trade NFTs, use of decentralised apps (dApps), and more. It features both multi-party computation (MPC) technology and account abstraction (AA) features. In turn, this will pave the way for wider adoption among less technical users.

OKX president Hong Fang said: “We’re excited to officially launch our localised platform and services in Brazil. After all, it represents the largest cryptocurrency market in Latin America. Our exchange now offers BRL rails, deep liquidity, tools, security and transparency that Brazilian traders want. Our OKX Wallet provides simplified access to DeFi, NFTs, dApps and more. We look forward to driving innovation and growth of the Web3 and crypto economy with millions of users as the market matures in Brazil.”

Tailoring to high crypto adoption 

A recent study commissioned by OKX Brazil of both crypto and non-crypto users found that security is currently a top concern for crypto users in Brazil. A vast majority of 92 per cent of respondents expressed a need for clear and transparent information about the security of their investments, and 86 per cent agreed that proof-of-reserves (PoR) can positively contribute to the legitimacy and maturity of the cryptocurrency market.

OKX has monthly, on-chain proof-of-reserves reports verified via zk-STARKs cryptography. The latest report showing 12.5 billion in primary assets backing user assets by 103 per cent.

OKX Brazil, general manager, Guilherme Sacamone said: “OKX is committed to helping Brazil reach its enormous potential as a leader in the adoption of cryptocurrencies and decentralised finance in the Web3 universe. For this reason, we delivered a comprehensive platform that combines global crypto excellence with user experience specifically tailored to the Brazilian market.

“We know that Brazilians expect fast and liquid trading, along with a secure self-custody wallet solution, all in one app. Given the results of our recent survey, we also recognise that security and transparency are top priorities for crypto users in the country. Therefore, OKX provides its trading solutions with the best security features, such as our robust proof-of-reserves program.”