New figures from Brazilian institutions have revealed that the country has broken yet another record for cryptocurrency purchases. According to the tax authority (RFB), a total of 42,000 firms acquired some form of digital currency during the period.
Companies Investing in Cryptocurrencies
It appears that more companies are now including cryptocurrencies in their treasuries. The data provided by the Brazilian tax authority shows that almost 42,000 companies purchased digital currency during the month. This breaks the previous record of 40,161 set in September.
From the 1.5 million people who bought cryptocurrency in the first half of 2018, 1,265,818 purchased digital currency in September. This new record shows that firms have been taking advantage of the decreased prices in the market and accumulating their treasuries. It is not yet known what effect the disappearance of FTX (one of the largest crypto exchanges) has had on investor confidence.
USDT Still Popular, BRZ on the Rise
The reports also contain information on the transactions and amounts exchanged with each token. Following the trend of the past months, USDT Tether was used to settle most funds. According to the data, USDT was used in 119,366 trades worth $1.8 billion.
This is partly due to the functionality provided by third parties to link USDT with the traditional financial system. On October 22, Smartpay, a crypto service provider, integrated its services into Tecban, a Brazilian ATM provider, allowing users to convert USDT into fiat currency at 24,000 ATMs.
Despite this, Bitcoin (BTC) still had the most transactions with 1.34 million and $190.2 million moved. BRZ, a local stablecoin pegged directly to the Brazilian real, had the second-highest number of transactions at 693,086. Most of these trades were conducted on FTX. It is unclear if other exchanges will take up the volume.
What do you think of the record number of companies investing in cryptocurrencies in Brazil? Please leave a comment below.
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