Brazilian exchange Bitpreco to expand into banking services;  Cashback betting to counter crypto fears – Exchanges Bitcoin News

Brazilian exchange Bitpreco to expand into banking services; Cashback betting to counter crypto fears – Exchanges Bitcoin News

Bitpreco, a Brazilian cryptocurrency exchange, has decided to expand its functionality to offer banking services through a new platform called Bitybank. The company, which will also open payment and digital account services, plans to attract users to crypto through cashback programs that counter fears of users buying cryptocurrencies in today’s uncertain market. .

Bitpreco will launch banking services through Bitybank

While several traditional banking institutions offer or plan to offer cryptocurrency-related services in Brazil, crypto-centric apps are also looking to include traditional financial instruments in their service portfolio. Bitpreco, a Brazilian exchange, is now expanding its services to offer banking functions. The company is one of the largest in Brazil, accounting for 13% of all bitcoin transactions over the past three months.

Ney Pimenta, one of Bitpreco’s partners, explained that these new services, which will include payments, digital accounts and even credit cards, will be offered through a new app called Bitybank. The purpose of this inclusion is to entice more users into crypto through the offering of less specialized services. Regarding this, Pimenta explained:

The digital bank has met with great success in Brazil. It’s an extremely easy way to bring users into the world of crypto with a full-service experience where they can buy, sell, withdraw, deposit, trade for other assets, and experience DeFi, with the same ease of investing in savings.

The company expects a 50% increase in its user base with the move, having already seen a five-fold increase in user registrations from 2020 to 2021.

Cashback as an adoption incentive

Pimenta is aware of the current state of the market, which is facing the downfall of FTX, one of the largest cryptocurrency exchanges in the world. This has led the company to invest in strong cashback programs to get people into crypto through rewards.

Pimenta explained how customer fear can be overcome even in today’s cryptocurrency market, stating:

Many people are afraid to buy cryptocurrency, but they wouldn’t have the same fear if they earned this cryptocurrency. It’s a way to bring that mass into this universe.

While Pimenta explained that Bitpreco wants to have the best cashback program in the crypto market, he did not reveal more details about the structure of this plan. However, he said the institution may include bitcoin, ether and solana among the currencies offered as rewards to customers using cards issued by the company.

Keywords in this story

Bitcoin, bitpreco, Bitybank, Brazilian, Cashback, Cryptocurrency, digital banking, ether, Exchange, Fear, ftx, Ney Pimenta, Solana

What do you think of Bitpreco and its strategy to drive cryptocurrency adoption? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game, entering the cryptosphere when the price surge happened in December 2017. Having a background in computer engineering, living in Venezuela and impacted by the cryptocurrency boom at social, it offers a different point of view. on the success of crypto and how it helps the unbanked and underserved.

Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Leave a Reply

Your email address will not be published. Required fields are marked *