In the first half of 2024, the volume of cryptocurrency trading in Brazil exceeded $6 billion, representing a significant growth of 30% compared to the same period last year. According to a report by Kaiko, Brazil has become the leader in Latin America in terms of cryptocurrency trading volume.
The report highlights that the volume of trades in Brazilian reals continues to grow, despite a recent market correction, and this increase is happening at a faster pace than in USD pairs. This indicates a growing interest in cryptocurrencies among Brazilians, especially in BRL/USDT and BRL/BTC pairs. At the same time, trading volumes with BUSD have been decreasing since mid-May 2023.
The cryptocurrency exchange Binance holds a dominant position in the Brazilian market, but analysts note that its market share is gradually decreasing. For comparison, the volume of cryptocurrency trading in Mexico was $3.7 billion, and in Argentina — $300 million for the same period.
Furthermore, the Central Bank of Brazil is collaborating with the French company Giesecke+Devrient (G+D) to test its own Central Bank Digital Currency (CBDC), which will be used for payments even without an internet connection.
Thus, Brazil is demonstrating significant growth in the cryptocurrency trading sector, becoming an important player in the Latin American cryptocurrency market and continuing to attract the attention of both investors and regulators.
