Brazilian Companies Break Crypto Purchasing Records Again in October – News Bitcoin News

According to the latest reports from the Brazilian tax authority (RFB), institutions have again broken the record for buying cryptocurrency in Brazil. The organization registered that nearly 42,000 companies purchased some cryptocurrency in October, a new record that surpasses the 40,161 that claimed to have purchased crypto in September.

Brazilian companies buy crypto in batches

More and more companies are introducing cryptocurrencies as part of their coffers in Brazil. Follow in the end data Issued by the Brazilian tax authority (RBF), which is authorized by law to receive cryptocurrency purchase reports from taxpayers, nearly 42,000 companies purchased several cryptocurrencies in October.

The 41,817 companies that bought the cryptocurrency broke the previous record number registered in September when 40,161 institutions also broke the previous record. However, the number of individuals who purchased crypto during the same period fell to 1,265,818 compared to nearly 1.5 million citizens who purchased crypto in September.

This new record shows that institutions have stockpiled as part of their coffers to take advantage of the low prices offered by the market. The effect of the recent collapse of FTX, one of the largest crypto exchanges, on Brazilian customer confidence in the crypto market remains unclear, as the numbers presented are comparable. corresponds to October.

USDT Still at the top, BRZ rises

As in other opportunities, the reports also include data on the number of registered transactions and the amount exchanged using each token. Following the trend of previous months, Tether’s USDTthe dollar-pegged stablecoin, was the token used for extra payments in Brazil in October. Nearly $1.8 billion was traded in USDT in nearly 119,366 operations.

This popularity is further enhanced by the functionality provided by third parties to connect USDT with the traditional financial system. On October 22, Smartpay, a company providing cryptocurrency services, integrated its services with Tecban, a Brazilian ATM provider, to enable users to convert USDT into fiat currency at more than 24,000 ATMs.

However, bitcoin (BTC), still recorded the highest number of transactions, with 1.34 million, of which $190.2 million was transferred. A real locally pegged stablecoin, BRZ, registered the second largest number of activities, with 693,086. According to reports, these operations are performed primarily on FTX and it is uncertain whether this volume will be absorbed by other available markets. USDC, and ETHall of which are in the top five currencies with the most payment volume.

Cards in this story

Bitcoin, Brazilian tax office, BRZ, electronic money, real stable money, record, RFB, Smart payment, tecban, fastener, USDT

What do you think of the record number of companies buying crypto in Brazil? Let us know in the comments section below.

Sergio Goschenko

Sergio is a crypto journalist based in Venezuela. He describes himself as a latecomer to the game, entering the crypto world when prices rose in December 2017. Has a computer engineering background, lives in Venezuela and is affected by the money boom. electronic money on a societal level, he offers a different perspective on the success of cryptocurrency and how it helps the unbanked and underserved.

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