According to local media reports, Mercado Bitcoin was granted a license as a payment provider. As a payment institution, Mercado Bitcoin will facilitate digital banking services for crypto exchange users in the country. With the approval of the license, the company will launch MB Pay, its fintech solution.
The approval of the Central bank is seen as the crucial step for continuing the expansion of the business and providing better services to the customers, shared by the CEO of 2TM the parent company of Mercado Bitcoin. MB Pay would give Brazilian users specific digital banking services such as digital fixed-income investments, staking, and other financial transactions. Also, its debit card offering crypto off-ramp is expected to go live soon.
The launch of Mercado Bitcoin financial solutions was scheduled for 2021; however, it was postponed owing to regulatory licensing delays. Its development announcement broke on the same day that Mercado Bitcoin returned about 2,182 Bitcoin worth $59.3 million to investors. The rising need for digital solutions, as well as the country’s 214 million inhabitants, has drawn crypto businesses to Latin America. Brazil is also ranked among the top worldwide markets by Binance.
Latam Gateway was just given a payment provider license in Brazil on May 19. Bitso and Crypto.com are two more Bitcoin exchanges that have been granted payment provider licenses in the nation. Coinbase also intends to strengthen its footprint in the nation by collaborating with local payment providers to enable crypto purchases, deposits, and withdrawals in local currency.