The Number Of Brazilian Crypto Holding Companies Is At A Record High
As of August, the number of corporations holding bitcoin in Brazil has hit new highs, owing to rising faith in cryptocurrencies and high inflation rates.
According to the Brazilian Tax Authority, over 12,000 companies in the nation acknowledged ownership of cryptocurrencies on their balance sheets. This is an increase from the 11,360 companies that declared in July.
However, the number of people declaring Bitcoin holdings in the same month fell by 35,000. However, with over 1.3 million individuals enrolling, the number is large, and adoption rates remain high.
The figures come from the RFB’s mandated monthly report on cryptocurrency ownership, which provides an indication of market direction.
Notably, USDT is the most popular cryptocurrency in the country. The dollar-pegged stablecoin has the highest transaction volume among all digital assets.
The USDT stablecoin had the greatest value transferred in August, with over $1.42 billion moving over approximately 80,000 transactions, averaging around $17,500 per transaction.
BTC came in second with about $270 million in transactions, but first in terms of volume, with over 2.1 million in the same month at a significantly lower average transaction amount of $130.
This can be viewed as a motivator for overseas crypto businesses to invest in the region. FTX, a rapidly rising cryptocurrency exchange, has announced a collaboration with Visa to sell crypto debit cards in 40 countries, including many in Latin America.
Meanwhile, growing domestic adoption is due to the current situation of the economy, which has made dollar-pegged stablecoins and digital assets appealing.
In addition, the country is also strengthening the implementation of measures to prevent behavior through cryptocurrency. Brazilian authorities recently apprehended a group of persons accused of utilizing virtual assets to launder money.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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