Two of Brazil’s leading cryptocurrency market players, Bitypreço and Biscoint, joined forces to create the Bitybank crypto bank, introducing a new credit card called Bitybank, developed in collaboration with Pomelo. The card enables customers from cryptocurrency platforms to purchase Brazilian natural, bitcoin, and other cryptocurrencies while offering cashback to new users. Pomelo is responsible for providing the card’s infrastructure, resulting in a fast and efficient integration process and project completion in just 60 days.
Bitypreço and Biscoint are the first cryptocurrency markets in Latin America, responsible for the highest trading volume among Brazilian exchanges in 2022. Together with Pomelo, the issuer of the Bitybank card and provider of the necessary infrastructure, they launched the Bitybank crypto card aimed at facilitating the everyday use of cryptocurrencies for users.
Bitypreço and Biscoint are two prominent crypto companies in Brazil, and their collaboration in creating the Bitybank crypto bank underscores the increasing significance of the cryptocurrency market in Latin America.
Results show that global payments leaders are dissatisfied with legacy rails for cross-border payments.
— Ripple (@Ripple) July 28, 2023
From July 2021 to June 2022, Latin America received USD$ 562 billion in cryptocurrencies, experiencing a year-on-year growth of 40%. This figure positions the region as the seventh-largest cryptocurrency market globally.
The card offers user-friendly features and benefits while providing opportunities for investment funds and driving cryptocurrency startups in Latin America. A recent report from Ripple (XRP) revealed that 97% of bankers believe blockchain and cryptocurrencies will play a significant or “very significant” role in enabling faster payments within the next three years. The study also showed that financial institutions acknowledge the cost-saving potential of utilizing this technology.
According the report, over 50% of financial leaders predict that most traders will adopt cryptocurrencies as a payment method within the next three years. However, in Latin America, only 17% of bankers share this optimistic view regarding accepting cryptocurrencies as a means of payment within the same time frame. In contrast, in Europe, the optimism is considerably higher, reaching 58%.