Bitfinex Connects to SmartPay via SWAPiX for Brazilian Real (BRL) On-and-Off Ramp
in Media Releases
ROAD TOWN, British Virgin Islands, October 26 2022 – Bitfinex, a state-of-the-art digital token trading platform, has provided customers in Brazil with a connection to SWAPiX by Smartpay, providing an easy and convenient on-and-off ramp between the Brazilian Real (BRL) and Tether tokens (USDt). The initiative forms part of Bitfinex’s mission to enhance financial inclusion and promote financial freedom in Brazil and across Latin America.
SWAPiX is a solution from SmartPay that enables users to quickly convert BRL into USDt via PiX, a payment infrastructure in Brazil. Bitfinex customers can convert USDt within SWAPiX and send BRL through Pix directly to the local banking app.
“SWAPiX is popular in Brazil and we are delighted to provide our customers in the country with easy access to this fiat on and off-ramp service,” said Paolo Ardoino, CTO at Bitfinex.
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SmartPay’s SWAPiX fiat on and off-ramp service is executed using just a smartphone device and without the need for a bank account, a critical consideration in a country where an estimated 34 million people (almost 1 in 5 adults) still lack access to traditional financial services.
BRL has bucked the trend among other Latin American currencies this year, holding its own against the US Dollar (USD) to emerge as one of the world’s best-performing currencies of 2022. BRL has not always been so resilient, however, depreciating about 40 per cent against USD in the five years prior to 2022. Brazil was ranked seventh by blockchain analysis firm, Chainanalysis, in its Global Crypto Adoption Index 2022, one of 18 emerging markets that dominate the ranking’s top 20.
Further information on Smartpay can be found at https://smartpay.com.vc/en/
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Founded in 2012, Bitfinex is a digital token trading platform offering state-of-the-art services for traders and global liquidity providers. In addition to a suite of advanced trading features and charting tools, Bitfinex provides access to peer-to-peer financing, an OTC market and margin trading for a wide selection of digital tokens. Bitfinex’s strategy focuses on providing unparalleled support, tools, and innovation for experienced traders and liquidity providers around the world. Visit www.bitfinex.com to learn more.
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