In Brazil Cryptocurrency Can Now Be Used for International Remittances

Brazilian financial services use cryptocurrency to route international remittances as it expands and broadens to other regions such as Latin America and Europe

FREMONT CA: Brazilian financial services benefactor Dock said that they would initiate the use of cryptocurrencies to route international remittances as it outstretched and broadened to other regions like Latin America and Europe. Similar to Bitcoin, Brazilian reais would be converted into cryptocurrencies, then later to other forms of currencies, such as dollars, and would stretch to reach end utilizers through consumers such as Vivo and Natura&co. As of 24 January at noon IST, the Bitcoin price in India stood at ₹29 lakhs. In response to an interview by Reuters, Mr. Frederico Amaral, head of products and technology at Dock, said that this methodology would be a quick and cheap way for transitions and payments.

Fintechs like Remessa Online and Wise, which have aligned strategies to sell services at a lower cost than conventional banks, have been eyeballing and observing international transfers and payments as a lucrative sector. In 2021, Dock renamed Conductor after being acquired by the North American project capital firm Riverwood Capital in 2014. The Brazilian Central Bank approved Dock's acquisition of its competitor Brasil Pré-pagos (BPP) that came with a financial institution license, in December. According to Reuters, in July, Dock had hired banks for an initial public offering (IPO) in the United States. According to Amaral, a US catalog is a natural path for the company. However, there is no rush because the company still has $170 million, which is roughly around ₹1,270 crore in cash from investors such as Temasek, Viking Global, and Sunley House, a unit of Advent International, which was received at the end of 2020.