Bitget kickstarts operations in Brazil

Bitget is starting its operations in Brazil and has started enabling deposits in Brazilian Real. Deposits will be accepted through Pix, Brazil’s widely used public instant payment system. It intends to begin providing withdrawals in Brazil starting on 30th November.

According to Infomoney, Bitget has emphasized that its strategy in the Brazilian market is to grow in the conventional trading market and exclude derivatives because Brazil’s Securities and Exchange Commission (CVM) requires additional permits for certain services like future contracts and derivative products. The exchange will, therefore, not provide derivative products there.

Bitget constantly expanding its reach

Bitget is expanding its reach in the Latin American market, and the exchange presently operates in Argentina, Colombia, Mexico, and Venezuela. According to the company, there are more than 2 million users across 50 nations. Despite the choppy market, the exchange intends to boost its staff to 1,000 by the end of the year.

Gracy Chen, Bitget’s managing director, said in a statement that the company plans to be among the “largest five exchanges in the Brazilian market by the end of the first half of 2023”.

Global cryptocurrency players Bybit, MetaMask, and Trust Wallet are among several that have merged with Pix to enable cryptocurrency purchases using Brazilian reals.

Bitget still soaring in crypto winter

2022 has been a big year for Bitget amidst the overbearing crypto winter. In August, Bitget’s cryptocurrency derivatives trading venue launched a $200 million fund designed to protect its users against unforeseen circumstances such as bitcoin (BTC) price crashes, hacks & thefts, and more. 

In September 2022, Bitget ranked 3rd globally as the biggest derivatives trading platform after Binance and FTX.US. This came aligned with the recent zero trading fee feature on spot trading, which has been implied for all Bitget users, allowing them a cost-efficient point of entry into crypto.

“Our vision is to be one of the three largest and most trusted cryptocurrency exchanges in the world within three to five years, and Brazil is an important market within our business plan,” says Gracy Chen, managing director of Bitget.

Bitget aims to help experienced crypto investors with high trading volumes while also giving new entrants the means to enter and profit from the market by eliminating trading costs and inventing distinct incentives to trade and earn.