KuCoin Pay has established a partnership with Pix, the instant payment system operated by Brazil’s central bank, enabling users to exchange and utilize cryptocurrencies at any merchant accepting Pix QR codes.

This initiative aims to leverage Brazil’s extensive crypto user base, which comprises approximately 26 million individuals, about 12% of the nation’s population, as indicated in a recent announcement from the exchange.

The new integration will allow instant conversions from cryptocurrencies to Brazilian currency (the real), empowering users to transfer funds from their KuCoin accounts to any Brazilian bank or make direct payments to merchants using Pix. Additionally, it offers multifunctional wallet tools for managing both digital and fiat currencies within the KuCoin app.

Pix, launched in 2020 by the Central Bank of Brazil, has already attracted more than 175 million users.

KuCoin Pay serves as the payment division of the cryptocurrency exchange KuCoin, facilitating businesses in accepting cryptocurrencies for both online and physical transaction methods. CoinMarketCap ranks KuCoin as the eighth-largest crypto exchange globally, boasting over $6.2 billion in spot trading volume.

Brazil Leads LATAM in Crypto Adoption

A report from Chainalysis revealed that Brazil represents nearly one-third of crypto activity across Latin America, with a transaction volume of around $318.8 billion from July 2024 to June 2025. Brazil’s advancing crypto adoption has sparked numerous initiatives from both local and international companies.

Recently, Itaú Asset Management, Brazil’s largest private asset manager, created a crypto division led by João Marco Braga da Cunha, a former Hashdex executive. The firm manages over 1 trillion reais (equivalent to $186 billion) in client investments.

In another significant development, the São Paulo fintech Crown raised $8.1 million to introduce BRLV, a stablecoin tied to the Brazilian real aimed at improving access for institutions to Brazil’s lucrative fixed-income market.

Moreover, on November 3, Banco Inter, a Brazilian digital bank, completed a blockchain-based trade finance pilot alongside Chainlink, the Central Bank of Brazil, and the Hong Kong Monetary Authority. This pilot illustrates how blockchain technology can enhance efficiency in cross-border transactions.

On Wednesday, Coinbase announced the launch of its decentralized trading feature, “DeFi Mullet,” in Brazil, granting local users access to tens of thousands of tokens without needing to exit the Coinbase app.

Despite these advancements, uncertainty persists in regulatory matters. In June, Brazil revised its tax regulations, switching from a progressive tax system to a flat 17.5% rate on all crypto capital gains.