KuCoin Pay Partners with Pix to Enhance Cryptocurrency Usability in Brazil
In a significant move that enhances cryptocurrency usability in Brazil, KuCoin Pay has officially partnered with Pix, a central bank-operated instant payment system. This integration enables users to utilize their cryptocurrencies at any merchant equipped to process Pix QR codes, unlocking the potential for seamless transactions across the nation.
As highlighted in a recent press release, about 26 million Brazilians, or approximately 12% of the country’s population, are now engaged with digital currencies, a number that represents one of the most substantial crypto user bases globally.
Immediate Conversions and Multifunctional Wallet
This collaboration allows for immediate conversions between cryptocurrency and the Brazilian real, the country’s official currency, facilitating fund transfers from KuCoin accounts to Brazilian bank accounts or direct payments to merchants using the Pix framework. KuCoin has also introduced a multifunctional wallet within its app, enabling users to easily manage both their cryptocurrency and fiat assets.
Brazil’s Leading Role in Cryptocurrency Adoption
Since its inception in 2020 by the Central Bank of Brazil, Pix has rapidly gained traction, boasting a user base exceeding 175 million people. KuCoin Pay, which acts as the payment division of KuCoin—the eighth largest cryptocurrency exchange worldwide with a trading volume surpassing $6.2 billion—provides businesses with tools to accept digital currencies in various transaction types, both online and offline.
Brazil leads the charge in Latin America concerning cryptocurrency adoption; an October report from Chainalysis revealed that nearly a third of all crypto transactions in the region occur within Brazil, totaling approximately $318.8 billion from mid-2024 to mid-2025.
New Ventures and Developments in the Market
This surge in interest has prompted numerous local and international companies to embark on new ventures in the Brazilian market. Recently, Itaú Asset Management, the nation’s largest private asset manager, launched a dedicated cryptocurrency division, appointing João Marco Braga da Cunha, previously of Hashdex, to oversee operations, while also managing more than 1 trillion reais ($186 billion) in assets.
In other developments, São Paulo fintech Crown successfully raised $8.1 million to introduce BRLV, a stablecoin pegged to the Brazilian real, designed to facilitate institutional access to Brazil’s robust fixed income market. Meanwhile, Banco Inter, a digital bank in Brazil, has engaged in a blockchain-based trade finance pilot in collaboration with Chainlink, demonstrating blockchain’s efficacy in enhancing cross-border financial transactions.
Coinbase Expands Services Amid Regulatory Uncertainty
Moreover, in a bid to expand its services, Coinbase announced this week the rollout of its “DeFi Mullet” decentralized trading feature in Brazil, allowing local users to explore a broad array of tokens within the Coinbase app itself. Despite these advancements, regulatory uncertainty looms, particularly in light of Brazil’s recent tax reforms which instituted a flat 17.5% tax on cryptocurrency capital gains—shifting away from a progressive system.
