Subscribe for our daily recaps of the ever-changing Crypto-currency market.

Criptohub to Launch Crypto and Financial Exchange in Brazil

Criptohub to Launch Crypto and Financial Exchange in Brazil

CriptoHub wants to ease the burden of trading Bitcoin and other cryptocurrencies in Brazil given the that the current exchange options are poor and that there are difficult transaction processes.

CriptoHub wants to satisfy the higher demand among Bitcoin buyers in Brazil. It will have more than 20 tradable cryptocurrency assets and fiat pairs and will also offer more coin or token options in the future.

Account holders will also get and use cryptocurrency debit cards. The company hopes that this will make crypto spendable easily and quickly like the manner in which fiat is. This is a huge hurdle towards cryptocurrency adoption.

And with the value of online merchants’ accounts in Brazil totaling to around R$50 billion yearly, CriptoHub’s eCommerce Plugin will prove valuable for anyone who is looking for a plug and plays solution to start accepting Bitcoin payments on their sites.

Will have an ICO

CryptoHub is already having a presale for the token, which runs until April 25, and then an ICO for 4 weeks. They will also have a token called CriptoHub Coin (CHBR) to power the exchange. In addition to all the other benefits, holders will also receive discounted trading fees depending on the token holdings. The token is based on Ethereum platform.

Brazil Bitcoin demand

Like in most parts of the world, the demand for Bitcoin in Brazil soared late last year as the price shot up to the roof of $20,000. It is likely that the cryptocurrency will break through that roof this year.

Late last year, the volume of Bitcoin trades in Brazil peaked at more than seven million Brazilian real to roughly two million USD. This is according to LocalBitcoins, which is a peer-to-peer Bitcoin trading platform. The actual volume was higher given these statistics are for just one exchange.

Currently, Brazilians spend more than 10 billion real (Brazil’s FIAT currency ‘BRL’) monthly on Bitcoin according to CryptoHub.

Not just the demand to settle: the status of Bitcoin trading in Brazil is poor given the poor exchange options. And difficult transaction processes according to the company.

The company says they see a “huge growth potential” in helping cryptocurrency to become mainstream. Thus in addition to exchange, there will be integrating payment processing and coin offering options.

What are the challenges of trading cryptocurrency in Brazil or any other place at the moment in your view?  Let’s discuss on Twitter and Telegram

Shares 0

Author

David

David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.