The cryptocurrency exchange Crypto.com obtained a Payment Institution License (EMI) from the Central Bank of Brazil.
The authorization will allow the firm to continue offering digital asset products and services to residents of the South American country.
Getting a Nod From Brazil
In a recent announcement, Kris Marszalek – CEO of Crypto.com – said the company is “incredibly proud” to secure an EMI license from Banco do Brasil. The greenlight enables it to provide services to users, marking Brazil and the entire LATAM market as a highly important regions.
Crypto.com intends to strengthen its presence in the area and thus aid the advancement of blockchain technology. Brazilians have been showing a great appetite for cryptocurrencies lately, and Chainalysis ranked the largest country in South America in the seventh place in the Global Crypto Adoption Index.
Speaking on the initiative’s importance was also Marcos Jarne – General Manager and Head of Legal, LATAM of Crypto.com:
“Latin America is a major driver in crypto adoption, and regulators have also been playing a key role to foster this. This is an exciting step in our journey in Brazil and LATAM, with much more to come.”
The Controversial 2022
Crypto.com marked impressive growth during 2021, inking multiple high-end deals and increasing the size of its team. One of its most remarkable partnerships was the one with the legendary NBA team – The Los Angeles Lakers – following which the home ground of the squad was renamed Crypto.com Arena.
The advance bear market in 2022, though, ceased the firm’s expansion, and it had to lay off a significant number of its employees.
In the midst of the FTX saga, the venue was rumored to have some liquidity issues. Marszalek rejected the concerns, assuring the platform has a robust balance sheet.
“We will prove them all wrong with our actions,” he said at the time.
The trading venue recently followed Binance’s example, providing Proof-of-Reserves (PoR) for nine digital currencies. The audit determined that customer balances are over 100% backed.
Crypto.com also made the headlines for being one of the official sponsors of the FIFA World Cup Qatar 2022. Its logo was visible on all 62 matches that have been held at the tournament so far and will appear again in the big final on Sunday ( December 18) between Argentina and France.