Coinbase stock is gaining today after the crypto exchange declared its growth to Brazil.
The US’s major digital asset platform announced Tuesday that it will be offering customers in the nation a platform to purchase and trade with Brazilian reais. Additionally, individuals will also be able to withdraw reais from the exchange by using the Brazilian instant payment system Pix.
Coinbase also mentioned that they would be providing customers with an app and 24/7 support in Brazilian Portuguese.
At the moment, its COIN stock is at $75.15 and hit a peak of $84.79 midday Tuesday. It has since settled at $83.99.
“We have already had a strong presence in Brazil,” stated Coinbase Vice President of International and Business Development Nana Murugesan in a press statement. “We put up a technology hub in the nation in 2021, with engineering talent developing crypto and Web3 technologies using Brazilian expertise for Brazil and beyond.”
He added that Coinbase’s investment arm, Coinbase Ventures, had been focusing on Brazil by investing in crypto companies in the country such as Hashdex and Ledn.
Coinbase, which went public in 2021 and trades under COIN on the Nasdaq, is now trading at $84.19 per share, a 12% jump in the past 24 hours.
This is in line with the US tech stocks that have been having a good trading day: the tech-heavy Nasdaq is currently up 184.57 points, or 1.58%.
Coinbase appears to be looking overseas to expand: just last week, the San Francisco-based company revealed its “Go Broad, Go Deep” strategy to grow its presence on every continent—except for Antarctica.
Brazil is Latin America’s biggest economy and the third biggest economy in the Americas after the U.S. and Canada.
It has also been a leader in crypto: it has more Bitcoin ETFs than any other Latin American nation and many of the country’s major banks give investors some type of digital asset exposure.
