Recently, the Singapore-based cryptocurrency exchange and digital assets trading platform “Bitget” announced a new project on South American grounds.
Bitget partnered with the Brazilian government’s digital payment system “PIX”, in order to allow Brazilians to buy and sell cryptocurrencies while paying in Brazil’s fiat currency, the Real.
The company’s managing director, Gracy Chen, stated that the firm intends to be among the top five exchanges in the Brazilian market by the end of the first half of 2023.
Also, the cryptocurrency exchange from Singapore is investing heavily in the South American scene. Bitget is already present in countries like Argentina, Colombia, and Venezuela.
During its South American expansion, Bitget is partnering with football megastar Lionel Messi, in order to promote the exchange.
However, the company is entering a high-competition market in Brazil. Recently, the Argentinean app “Lemon Cash”, and the Asian exchange “Gate.io” also announced PIX integration in the country.
On top of that, Binance is already a well-established cryptocurrency exchange in Brazil. Changpeng Zhao’s exchange already has two offices set up in the country.
Bitget Plans To Become One of the Top Exchanges in The World
The rapid expansion of Bitget’s outreach around the world is part of an objective to rapidly grow the company.
The up-and-coming exchange has a clear and cut goal for the near future. Becoming one of the top cryptocurrency exchanges in the world.
In an interview with InfoMoney, Bitget’s director Gracy Chen claimed that the company’s plan is to become one of the top three biggest and most trustworthy exchanges in the world.
Chen claimed that entering Brazil’s cryptocurrency market is a huge step towards that goal. Which Bitget plans to achieve in three to five years.
Brazil’s Huge Potential For Crypto Adoption
The largest country in South America is arguably the place with the most potential for growth in the world.
More than 5% of the country’s population already owns bitcoin. This indicates that Brazil currently has 10 million cryptocurrency investors, ranking it fifth in the world.
In reality, Brazil’s government was the first to establish a state-owned bank that allows cryptocurrency trading. Bitcoin and other cryptocurrencies were formally recognized as legitimate monetary assets by the Central Bank of Brazil in 2019.
The Brazilian stock market authorized two new cryptocurrencies ETFs in Latin America in March 2021. One is made entirely of Bitcoin, while the other is made up of five cryptocurrencies in addition to Bitcoin (BTC).