According to Michael Coscetta, who serves as the Chief Revenue Officer of Paxos, there is a notable surge in Brazil’s large enterprise firms’ interest in providing their customers with cryptocurrency, stablecoin, and bullion. In the present scenario, their primary focus is on collaborating with partners who are regulated and trustworthy. The pursuit of regulatory clarity in Brazil is expected to result in a surge in adoption. It is our professional opinion that the inclusion of cryptocurrency in one’s investment portfolio will soon become a necessity.
According to Arnoldo Reyes, the Head of Latin America at Paxos, there is a growing trend among Brazilian consumers to increasingly adopt digital asset products and services. In 2022, Paxos unveiled significant collaborations with prominent industry players, including Mercado Libre, Mastercard, Nubank, and PicPay. It is our professional opinion that the integration of cryptocurrency into the value proposition will play a pivotal role in the acquisition, engagement, and retention of customers in Brazil. It is our conviction that the implementation of progressive policies will foster heightened participation and cooperation between entities like Paxos and governmental bodies such as the Central Bank of Brazil. The acceleration of blockchain and cryptocurrencies’ adoption can be facilitated by the collaboration between the public and private sectors, resulting in a boost in economic growth for businesses and consumers.
As per the company’s statement, over 60% of Paxos’ operational accounts cater to Latin American customers. The company has ensured that its operations are equipped with supervision, risk management, and corporate controls at every level. The infrastructure of Paxos consists of solutions for stablecoin and crypto brokerage. As part of its offering, Paxos grants access to its regulated tokens, namely Pax Dollar (USDP) and Pax Gold (PAXG).
The USDP digital currency is fully backed and can be redeemed at any time, serving as an equivalent to the US dollar. The USDP is a currency platform that enables the transmission, receipt, and storage of US dollars and is accessible to all. PAXG is a viable investment option for those seeking to own physical gold. It is a digital token that is backed by one fine ounce of LBMA gold, which is securely stored in warehouses located in London. The digital assets in question are solely issued by Paxos Trust Company and are subject to the regulatory oversight of the New York Department of Financial Services.
Thomaz Lysakowski Fortes, the General Manager of Nubank Crypto, has emphasized the significance of a seamless and secure infrastructure for customers who are keen on exploring the world of decentralized cryptocurrencies. According to him, Nubank Cripto offers a hassle-free experience, along with a robust security system, to ensure that customers can take their first financial steps with confidence. By collaborating with Paxos, a prominent blockchain infrastructure provider, we have secured a partner that guarantees worldwide security for the safekeeping of our clients’ digital assets. This partnership instills confidence in our ability to explore and progress within the expansive realm of cryptocurrency opportunities.
In 2023, Paxos aims to enhance accessibility to cryptocurrencies in the region by expanding its enterprise partnerships, continuing to tokenize assets, and facilitating payments into and out of Brazil through regulated stablecoins, thereby promoting greater democratization. The utilization of blockchain technology by the Brazilian government is expected to accelerate the acceptance of cryptocurrencies. Paxos, on the other hand, is well-equipped to provide support to enterprises in this endeavor.