Crypto Exchange Bitget Introduces Brazilian Real Trading Pairs

Bitget, a cryptocurrency exchange now based in Seychelles, has introduced Brazilian real (BRL) trading pairs as the first batch of its new on-ramp fiat trading pairs for spot traders on its platform.

Bitget announced on Friday that the new pairs include USDT/BRL, ETH/BRL and BTC/BRL even as “the team is looking to roll out more fiat currency trading pairs on the platform.”

“The new solution provides users with the option of spot trading cryptocurrency direct with fiat currency, therefore, lowering the reliance on stablecoins and over-the-counter services,” Bitget said.

The new development comes a week after Bitget launched its operations in Brazil and enabled crypto purchases with Brazilian reals. On top of that, the firm integrated with the Brazilian government’s Pix payment system and announced that its users will be able to executive withdrawals in the country’s fiat currency by November 30.

In the statement on Friday, Bitget noted that it launched the fiat on-ramp service in partnership with Pix. However, it added that the system runs alongside off-ramp solutions it currently provides globally.

Furthermore, Bitget noted that the trading pairs will first be introduced to markets in Latin America “where the adoption rate of crypto is highest amongst the general public.” The exchange added that the region is an important market for its global expansion.

Eyes on Global Expansion

Speaking on the new development, Gracy Chen, Bitget’s Managing Director described the launch as “one of our significant milestones this year.” Last month, the firm launched ‘Biget Insights', a feature that makes trading insights from verified traders on social media accessible to Bitget’s users.

“To create accessible gateways to serve the international communities, we will be working hand-in-hand with top-notch and recognized payment solution providers to be compliant in linking local economies, businesses, and marketplaces with digital assets. We hope this will bring a better experience and easier accessibility to more users, which is crucial for crypto mass adoption,” Chen explained, speaking about the trading pairs.

Earlier this month, Bitget increased its protection fund, which was first introduced in July, to $300 million following the collapse of FTX. Moreover, the exchange announced the opening of a Seychelles office some days ago, months after disclosing that it will double its global workforce despite contrary developments in the crypto industry.

Meanwhile, in October, Bitget expanded its sports deal roster by unveiling football star Lionel Messi as its brand ambassador. Currently, the crypto firm manages sports deal with football clubs Juventus F.C. (Italy) and Galatasaray (Turkey).