26 May 2021 · 3 min read

Crypto.com Launches Major Step With BRL Bank Transfers and Brazilian Portuguese

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‘For the pursuit of financial freedom,’ General Manager of Latin America Filomena Ruffa has remarked on the ‘exceptional growth in digital banking and innovative financial solutions in Brazil. Indeed, with the first Brazil ETFs launched this year, the crypto world is evolving dramatically, and with a multitude of Latin American citizens using cryptocurrency daily, crypto adoption is surging at a breakneck pace.

Founded in 2016, Crypto.com serves over 10 million customers with one of the fastest-growing crypto hubs. If you want to get involved in crypto.com’s growing international ecosystem, you can quickly earn rewards when entering your email and become a part of Crypto.com’s growing community.

Major Step of BRL Bank Transfers

In the blog announcement on 12 May, Crypto.com is now adding to this boom by introducing BRL Bank Transfers, with no extra fees asides from the ones charged by banking institutions. Users can deposit Brazilian Real into fiat wallets using TED, DOC, or PIX transfers. Over 100 coins at accurate costs will be available. With over 20 payment currencies in the app, users can avoid foreign transaction (FX) fees from banks and view app balances with local currencies.

According to Statista, adoption for cryptocurrency has already reached double-digits amongst respondents from six Latin American countries, including Brazil. As internet access, smartphones, and crypto technologies become increasingly widespread, this number will only continue to grow in the coming years. With inflation for native currencies reaching record highs in Brazil, even as early as 2015, cryptocurrency is becoming an asset of choice when it comes to hedging against inflation.

In Latin America, most citizens still keep their money under the mattress, as banking services were unable to penetrate the broader population. As of today, an astonishing 61% of adults in Latin America remain unbanked. With the recent rise of cryptocurrency, Latin Americans have increasingly turned to open banking services that have traditionally been locked away from many hard-working people.

Crypto.com App

Applications like crypto.com app (available on both iOS & Android) help provide this type of financial inclusion to citizens across the globe. While investing in several cryptocurrencies could help to diversify one’s assets, this is not everything that is at stake. Cryptocurrency and blockchain technology has provided next-generation financial services to millions of people who did not have access to them before. The amount of impact this has on people’s lives is staggering.

As Crypto.com continues to develop in aiding the transition to next-generation financial services, the Crypto.com Visa Card program has risen to become the world’s largest crypto card program. The Crypto.com Exchange and Crypto.com DeFi Wallet are also available. And if you’re into NFTs, the Crypto.com NFT has become a premier platform for acquiring, trading, and collecting NFTs. These works have been carefully curated from mediums such as art, design, entertainment, and sports.

A multitude of language options can be found on the application, showing a firm dedication to becoming a global application with the aim to ‘accelerate the world’s transition to cryptocurrency.’ Here’s what you need to do to change the app’s language from Brazilian to Portuguese:

  1. Select Portugues do Brasil under Settings > Language in the App
  2. Select Portugues do Brasil in Language Settings on the top right corner of the Exchange homepage

As more and more languages and currencies continue to be added to Crypto.com, more and more citizens across the globe will have access to financial services that have previously eluded them. Due to the moves like these, the world may soon be able to run entirely on the open blockchains.