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