November 10, 2020, New York – Global peer-to-peer (P2P) cryptocurrency marketplace Paxful is expanding its footprint in Brazil; after a recent addition of Brazilian Real pegged Token BRZ to the platform, Paxful hired a Country Manager to further reinforce its local operations. The move comes at the right time as Brazil is in economic disarray due to the sharp devaluation of local currency by nearly 40%.
Newly appointed Brazil Country Manager for Paxful, Lucas Ferreira, has a crypto background, bringing a few years’ experience from a large Latin American crypto exchange. He will be overlooking all operations in Brazil including strategic partnerships and business development with a heavy focus on education. Ferreira will also work on establishing close relationships with local and Paxful Peers communities. His efforts will be backed by an experienced team that will help more Brazilians make use of digital currencies.
“From money transfers, online purchases, to investments and wealth preservation, cryptocurrencies have endless potential to tackle financial inequality. I am proud to join such a progressive company that uses cryptocurrencies to make a lasting change in people’s lives. Together with Paxful, I hope to take crypto adoption in the country to the next level and help more Brazilians take control of their finances and the future” says Lucas Ferreira, Brazil Country Manager for Paxful.
Paxful believes Brazil’s market is a fertile ground for crypto adoption. In 2020, the company witnessed a 170% percent growth in the country with nearly 150% volume growth in transactions. The trend could be attributed to the increased use of digital money for remittances as people look for cheaper money transferring solutions and the weakening of the Brazilian Real that pushed the population to look for alternative ways of making a living.
“Paxful is excited about investing in the Latin American region. With the new country manager and a dedicated team on the horizon, we hope to better address the local needs and give more Brazilians access to financial services. We see huge potential in the country and right now is the time Brazilians get all the support we can give. The country is going through tough economic times and cryptocurrencies are a perfect way to make a real difference for the people” says Ray Youssef, co-founder and CEO of Paxful.
The recent cooperation with Transfero Swiss AG demonstrates Paxful’s enthusiasm for more meaningful partnerships in the region. The deal resulted in the addition of BRZ stable token as a payment method to the platform, set to help Brazilians protect their savings from devaluation and open doors to the global crypto market. As more exciting partnerships are in the pipeline, the company envisions a bright future for Brazil in the international crypto space.