Mercado Bitcoin, the cryptocurrency exchange, received the official license to provide payments from the central bank of Brazil on June 2nd. The information comes from the reports of local media. Using this license, Mercado Bitcoin will launch MB Pay, the company’s fintech solution arm.
Mercado Bitcoin Is Aiming Higher
Roberto Dagnoni, 2TM’s CEO, which is Mercado Bitcoin’s parent company said that the Brazilian Central Bank’s approval is a vital step. It will let us continue their expansion of the business while also ensuring better service for their customers.
MB Pay, the payment institution, can provide specific services related to digital banking via crypto assets that users hold on the exchange. This includes digital investments with fixed incomes, staking, as well as other monetary transactions.
Earlier on, Guide Investimentos, a traditional broker in the locality, also stated their partnership involving Mercado Bitcoin which will be their entry into the market of digital assets. The fintech rollout of Mercado Bitcoin was originally supposed to happen in 2021. However, the approval process of the regulator delayed the event.
The development took place simultaneously as Mercado Bitcoin received orders to give back more than 2,182 Bitcoin. When this article was written, this amounted to about $59.3Mn. An investor group would be the recipient after they alleged a former executive and co-founder of withholding funds during a 2013 fabricated hack.
Brazil has drawn crypto firms from far and their demands for digital solutions remain vibrant along with the country’s 214 Mn bustling population. The country was regarded as one of Binance’s best markets worldwide earlier. On May 19th, Latam Gateway, the exchange’s local partner, also received its license for being able to provide payment services. Bitso and Crypto.com are among the other exchanges of crypto that have payment provider licenses.