Crypto is becoming mainstream in Brazil, with 7.8% of the country’s population (about 16 million people) owning cryptocurrency. As a result, exchanges such as Binance, Crypto.com, and Coinbase are soaring in Brazil. Brazil is becoming the primary crypto market of Latin America as records show over 12,000 Brazilian companies have crypto holdings. Brazilian Tax authority released August figures showing the highest number of holdings ever recorded. In addition, amid high inflation rates in the country, cryptocurrencies saw increased adoption in August. Related Reading: LUNC Community Clamors For Coinbase Listing, Can It Reach $1? According to reports, Receita Federal do Brazil (RFB) recorded 12,053 companies that declared crypto in the balance sheet in August 2022. From the RFB release, Bitcoin is the highest among the crypto holdings, with Tether stablecoin tailing closely after BTC. In addition, the August numbers are the highest so far, with a 6.1% increase from the July number of 11,360. Rundown Of Brazil’s August Crypto Transaction Records While the number of institutional investors increased, individual crypto investment reduced from July to 1.3 million in August. However, the total number of holdings reduced, with August showing $2.1 billion, which may be due to the current bear market. Tether stablecoin USDT got the highest transaction volume, with over $1.42 billion moved across 80,000 transactions in August. This value ...
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