After a two-year delay, Mercado Bitcoin can finally roll out its fintech solution.
Mercado Bitcoin, a leading cryptocurrency exchange in Brazil, has secured a critical license that will have significant implications for its future.
Brazil’s central bank granted the platform a payment provider license on June 2nd, a development that local media outlets reported with anticipation.
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The license will act as a launchpad for Mercado Bitcoin, allowing it to roll out its fintech solution MB Pay.
The CEO of Mercado Bitcoin's parent company 2TM, Roberto Dagnoni, explained the importance of this development by noting:
The approval of the Central Bank is a crucial step, as it allows us to continue expanding our business and providing a better service to our customers.
MB Pay will supply Brazilians with unique crypto asset-based digital banking services. Based on the announcement, MB Pay is set to offer services, including staking, digital fixed-income investments, and other financial transactions. But it doesn't stop there - a debit card, which will provide a crypto off-ramp for users, is also expected to be introduced soon.
The fintech rollout of Mercado Bitcoin was initially scheduled for 2021. However, it got delayed because of the regulatory approval process. But with this license now secured, the firm is back on track.
Brazil has been a hotbed for crypto activities, with its nearly 214 million population demonstrating a strong appetite for digital solutions. It is not surprising that Binance has ranked Brazil among its top global markets. Interestingly, Latam Gateway, Binance’s local partner, was granted a similar license on May 19th.
Several other crypto exchanges have also been licensed as payment providers in Brazil, including Crypto.com and Bitso. Since March, Coinbase also broadened its operations in the country, partnering with local payment providers to facilitate crypto purchases and enable deposits or withdrawals in the local currency.
Mercado Bitcoin's new license is a major step forward for the crypto exchange and its customers, who now have access to a broader range of financial services.