Mercado Bitcoin Secures Payment Institution License in Brazil

In a pivotal development reported by Valor Economico, Mercado Bitcoin, the crypto exchange giant of Brazil, has obtained the license to function as a payment institution. Brazil’s central bank, in a move that marks a significant stride for the cryptocurrency sector, confirmed the status on Friday, giving Mercado Bitcoin the authority to operate as an electronic money issuer.

With this notable progression, Mercado Bitcoin fortifies its position as a pioneer in the crypto landscape, extending its capabilities beyond just cryptocurrency trading. Roberto Dagnoni, the CEO of Mercado Bitcoin, shared his enthusiastic views on the central bank’s decision. He emphasised the vital nature of this approval, stating that it would pave the way for their envisioned business growth, aiming to provide an enriched experience to their customers.

MB Pay

Before this development, Mercado Bitcoin had launched MB Pay, a digital account catering to over four million users. This platform allowed the customers to purchase cryptocurrencies, invest in digital fixed income and explore various asset classes, amplifying the portfolio of services offered by Mercado Bitcoin.

In light of this recent advancement, Dagnoni further shared insights on Mercado Bitcoin’s future plans. They intend to create an amalgamation of traditional and digital finance, leveraging the boundless potential of cryptocurrencies. As a part of these plans, the company has a crypto payments card on the anvil. This upcoming feature, expected in the following months, aligns with the company’s endeavour to establish a seamless integration of conventional and digital financial services.