Increase in the Number of Crypto Companies in Brazil

The number of crypto companies in Brazil is increasing every day. Brazil took the record for the most crypto companies and institutions registered in August.

According to the Brazilian Tax Agency (RFB), more institutions in Brazil are willing to buy cryptocurrencies, with the most significant volume in the country being USDT, Tether's stablecoin. Institutions are showing interest in holding crypto in Latin American countries due to the specific problems of their economies. Recently, the Brazilian Tax Agency (RFB) announced a record increase in the number of these institutions declaring ownership of some form of cryptocurrency. According to data from August 2022, more than 12,000 companies in Brazil hold a part of their assets in crypto assets. USDT, the stablecoin issued by Tether, ranked as the most cryptocurrencies owned by institutions in the country. According to the data, more than $1.4 billion was transferred using USDT in 79,836 operations in August. Transfers averaged $18,000 per transaction. However, Bitcoin (BTC) adoption among institutions in the country is also increasing. Institutions made more than 2.1 million BTC transfers in August. The amount of these transfers was recorded as an average of 130 dollars. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!   The investment information, comments and recommendations in this article do not constitute investment advice. Investment advisory services are provided individually, taking into account the risk and return preferences of individuals. The content contained herein is in no way directive and the recommendations are general in nature. These recommendations may not be suitable for your financial situation and risk and return preferences. Therefore, making an investment decision based solely on the information contained herein may not produce results in accordance with your expectations.